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A traditional cockatrice.
Hopefully the blood elf mount will not be a larger version of this :-)
Little is known about the cockatrice, other than that it is the the new mount for the blood elves and is presumably of avian origin. Source
According to Lands of Conflict, dragonhawks are used as ground based transportation until they are old enough to fly. A dragonhawk has both avian and reptillian features, as does the typical rendition of a cockatrice, hinting at a relation between the two.
In classical representations, cockatrices look like a mixture of a rooster and a dragon, seen in the picture to the right.
Depending on which source is used, the cockatrice is sometimes another name for the basilisk. See Myth for more information.
See also: Wikipedia article on the legendary creature, the cockatrice
A dragonhawk, which is believed to be related to the cockatrice. It may be a flying mount in The Burning Crusade.
Sometime between August and September of 2006, images and videos of the Cockatrice were leaked to YouTube. Blizzard has removed this video.