My guess is that it'll be the same as with the epic mounts for the other races when it comes to prices.
Rumor has it that Blizz will be changing the reputation system in the expansion as well, I found this quote to back it:
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Also, regarding reputation, we're really trying hard in the expansion to make reputations less of a grind. We're trying to use reputation in new ways that don't require hours of repetitve behavior. To give an example, the Blood Elf secondary zone, Ghostlands, has a reputation associated with it. Do 2 quests -- go up a level. Do 3 more -- go up another level etc... No grinding whatsoever.
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I wonder if this means that I can head over to the Dranei startingzone and fix exalted with the Dranei on my gnome in a few days to get a Dranei epic mount or if it's a separate reputation system that has nothing to do with that faction.