Yeah quests are good for leveling until about level 15. There are other quests afterward that are rewarding, but most involve running from point A to B and become tedious with little payout for the time invested.
Once you have done the quests with a character to 60, its not really worth doing them all again (by all meaning the ones I did do - I don\'t know anyone who has done every quest in the game). By doing those quest to level 15 or so you will become Honored with whatever race you rolled so you will get the normal discounts for items and mounts from vendors.
Some quests are truly not worth doing - even if you want to follow the story so to speak. Others are chains and
http://www.thottbot.com is a good place to find out ones that offer a great reward. The Battle of Hillsbrad for example (Horde side) is a great chain for characters in the 20-30 range because you get a blue item at the end of the chain I believe. One last word on quests - by only doing quests you will not have enough gold at level 40 to afford your mount. You still have to grind sometimes just for money and loot.
For the terminology... You have to learn the abbreviations of places mostly.
WC in WoW is Wailing Caverns.
UBRS is Upper Black Rock Spire
LBRS is Lower Black Rock Spire
SM is Scarlet Monestary
RFD is Razor Fin Downs
RFK is Razor Fin Kraul
DM is Dire Maul
UC is Undercity
TB is Thunderbluff
XR is Crossroads
Since I play Horde those are the most common places for that faction.
WTS is Wanting to Sell
WTB is Wanting to Buy
Oh and druids suck, especially queer Night Elf ones
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