So you went to Blizzcon and got that juicy Blizzcon 2008 Card with a beta key for an unknown upcoming game and a Big Blizzard Bear Mount code right? Well, what the heck are you waiting for to redeem that mount?
Worldofwar.net runs WoW players through redeeming the exclusive Polar Bear Mount, and includes images of the process. They also reveal that the mount is Bind to Account, meaning that the item can be shared around all the characters on a player's account. This is the first time an item has been given the new "Bind to Account" tag, and many other items will be shareable between characters once the expansion has launched.
Wasted mount ... except now its bound to account and you can share it around your alts. there you go.