When coupled with abilities such as [Ravage] and [Pounce], Prowl is a powerful opener to combat.
As of patch 4.0.6, night elves can switch from Prowl to [Shadowmeld] without being seen "in between" and back, allowing for a sort of non-combat-like [Vanish] (which can be used in combat, unlike Prowl).
It is possible to [Dash] while Prowling, for a total of 105% standard running speed.
Prowl makes Stealth runs possible, but watch out for stealth-detecting mobs!
This can be useful in some dungeons if one of your allies falls to a lower area and dies or is killed, you can sneak passed the mobs and rez him instead of him needing to run back or wait for the group to fight their way to him.