During the Noblegarden event, Brightly Colored Eggs are hidden in Goldshire, Dolanaar, Azure Watch and Kharanos for the alliance, Razor Hill, Bloodhoof Village, Brill, and Falconwing Square for the Horde.
Using the equipped basket allows the wielder to run at apprentice riding speed, but only within the egg hunt area.
The cooldown has the same as the duration of the speed buff, so you can practically run at high speed continuously.
It is handy to put the basket on your action bar for easy access. The quest item is only available during the quest. So after you hand in the quest, you will need to put the reward version on the action bar to replace the quest version.