You can not use abilities in this form. You are also considered a Beast, so spells that target Beasts can be used on you (Hibernate, for instance).
Your caster form will start regaining Mana 5 seconds after you change to travel form.
Although the Travel Form resembles a cheetah, the Cat Form Feline Grace ability does not apply to it.
Travel Form has three specific advantages over a Mount.
Unlike a Mount, which players cannot use while in combat, a Druid is able to shift into travel form while fighting either a mob or another player if they choose to.
Travel Form is instantly cast, making it even better for those sticky situations. With Travel Form, Druids are able to escape from nearly any fight or simply put distance between themselves and their attackers practically whenever they wish.
As with any form, you may harvest herbs through herbalism, and skin dead beasts through skinning. This makes it an excellent way to achieve the fastest results with a gathering profession.
This form is instant cast, so it can be used to beat a strategic retreat if a fight is going badly.
The travel form does not stack with speed enchants or speed gems, with the exception of the feral PvP 4 piece set bonus.
Since this form is less mana consuming than Bear Form or Cat Form, its effect of breaking Polymorph and movement impairing effects makes it an excellent inexpensive escape ability.
This article or section includes speculation, observations or opinions possibly supported by lore or by Blizzard officials. It should not be taken as representing official lore.
It is widely speculated that the original intention was for this form to be a stag but was changed at the last minute, explaining the odd hoof-shaped icon, and the fact that while the other forms (except Tree of Life Form, although this is assumed to be changed in Cataclysm) have unique skins, cheetahs which look identical to travel form exist in the game.
Edit
Patch 3.2.0 (2009-08-04): Can now be learned at level 16. 
