ValorMount is intended to be a fairly simple mount manager based largely on my own preferences, with a few features that make for a better alternative than the default "Summon Random Favorite Mount".

Features:

Can be called with a key binding or a macro.
Easy to set favorites - it just uses the Mount Journal.
Option to save different favorites per character in the Mount Journal.
Priority system determines the type of mount to use, for example it will deprioritize Flying Mounts below Ground Mounts when you cannot fly.
Each flying favorite can be toggled to be used for both air and ground, or even ground only.
Ability to override how the addon determines if the current area allows flying or not.
If you have it, the Vashj'ir Seahorse is always summoned when swimming in Vashj'ir.
Characters without riding skill yet will summon their faction's chauffeur should they have one.
Only Dragonriding favorites will be used while in the Dragon Isles.

Race/Class Specific Features:

Monks have the option of Zen Flight if used while moving or falling.
Shamans have the option of Ghost Wolf if used while moving or in combat.
Druids will shapeshift to Travel Form when used in situations you cannot normally mount, such as moving, falling or in combat.
Druids can toggle to ONLY use Flight Form for flying, or to include Flight Form as part of its random selection.
Balance Druids can enable automatically returning to Moonkin form when shifting from Travel Form.
Worgens can add Running Wild into the random selection for ground mounts.
If my addon ValorWorgen is loaded, Worgens have the option of returning to Human Form when mounting.

Underwater & Surface Detection:

If Enabled (per Character), this attempts to determine if you are actually underwater or floating at the surface. This is only useful if you have Aquatic mounts as Favorites.
When Enabled and Underwater, Favorited Aquatic Mounts are prioritized above all other mounts.
When Disabled, Favorited Aquatic Mounts are only prioritized above ground mounts, flying remains the highest priority.
Favorited Water Striders are prioritized above ground mounts while in water, but deprioritized on land.
Jumping at the surface in Vashj'ir will trigger summoning for the water surface instead.
Note: Underwater breathing (except Vashj'ir) will break this detection and consider you to always be at the surface!
Note for Undead players: Due to the racial, this feature will instead always consider you to be underwater - however when you jump at the surface and mount immediately, it assumes you are at the surface.

Preferences can be set under Interface -> Addons -> ValorMount, or by typing /vm or /valormount
The key binding can be set under Key Bindings -> Addons -> ValorMount
If a macro is preferred, simply use this command: /click ValorMountButton

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Regarding bugs & issues... well the thing about bugs is sometimes they require just the right (or wrong) situation to appear, and this is the first addon I've ever written.. so there's bound to be something right? Point is, I like to think that if you take the time to report bugs then you must want to use the addon so I'll gladly fix 'em :)
You can also find me on twitter: @darkValorous