The blood elves start in the Eversong Woods, the northern section of Quel'Thalas. Farther south is the Ghostlands, a level 10-20 zone.
Their capital city is Silvermoon.
The blood elf mount is called the hawkstrider, although at first they were named 'cockatrices' as announced by Gamespot . Blood elf paladins (blood knights) will have a charger-like horse that is black with bronze and red armor.
The blood elf languages are Thalassian and Orcish, and they will be able to pick the hunter, priest, warlock, rogue, mage and paladin classes, according to an update on the official homepage. This is the final outcome, and it will not be changing as explained by this blue post on the official forums.
Blood elf characters can play as the following classes:
Hunter
Mage
Warlock
Rogue
Priest
Paladin (Blood Knight)