The Horde will now control most of Kalimdor, and the Alliance most of the Eastern Kingdoms. For a low-level character the quests and storylines won't change, but for high-level players many zones will see changes via phasing. Teldrassil is burned and Undercity is in ruins as the story progresses by phasing. At max level Arathi Highlands and Darkshore are phased to be updated to reflect their status as locations for Warfronts.
That’s because armor of higher level has higher Azerite power requirements than lower level armor. That means a shiny new piece of Epic gear will have better stats but, unless you’ve been diligent about your Azerite power grind, won’t have as many traits unlocked. You lose options as you earn better gear. Eventually, you’ll grind out enough Azerite to earn those traits back, but you’re left with limited customization until then.
In addition, you'll want to pick up leg and shoulder enchants and have them in your bags. These enchants have a level requirement of 80/85, but can't be placed on items above iLVL 136. You can get around this by having a level 85-100 character apply the enchant before mailing it to the character you're leveling, thus getting use of the enchants before level 85. I've personally confirmed that this works.
First of all, the value of transmog is decided by rarity and how they look. Some items like Minenarbeithut der Tiefen or Pendel der Verdammnis (they can drop in Uldaman) are worth millions of gold. They are worth so much, because they have a really small chance to drop. Other items are bought well because they look good. Best example in this case is the Glorious set, its legplates Glorreichen Beinplatte reach a 100.000 Gold value easily.