1) It's your own personal Eye of Kilrogg. Use it to scout around, although the range is much shorter.
2) It takes no environmental damage, including from falling. I drove it into the molten metal pit of Ironforge and checked around down there. I've driven off heights that definitely should have dealt it falling damage and it survived.
3) For it to be a level 60 creature, it can get amazingly close to mobs and bosses before aggroing them. What's best is that even if it does aggro them, the mobs do not come after you. So don't be afraid to use it for scouting ahead.
4) There a boss that your group just can't seem to down and you want to get past it? Trying for a timed achievement and don't have time to deal with the bosses in between you and the last one? Drive your racer up to it, let the boss kill it, and the boss will de-spawn for about 30 seconds before reappearing; Plenty of time to just walk past it. I tested this on the Magus in Nexus last night, de-spawning her and then running in and then out.
I'm not sure what causes this behavior, but I suspect it has something to do with the boss resetting.