My favorite things about MoP are the new zones and PVE.
I can't decide between the cat mounts more widely available on the horde side :3 (oh shado-pan <3)orrrr the small areas in the various zones that wow me with their beauty... i.e. The Cradle of Chi-Ji!
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I think my favorite part is the account-wide achievements and pets/mounts, as well as the simplified skills, stats, and talents. The game feels a lot less grindy and complicated now, and there's less need for theorycrafting and more freedom to play with a setup I'm comfortable with.
AoE looting so far !:D ++ Instances! & Fishing!
My favorite part is definitely the environment. from the great wall to the small villages, its all very immersive and fun to play in.
My favorite part is the LFR system. Being the casual player that I am, I can finally play though all the content in the game when it is till relevant (as opposed to running 'old' tier raids or past expansion raids solo).
My favourite aspect of Mists of Pandaria is the adorable albino raccoon companions. A close second would be Pandaren.
Definitely AoE looting and pet battles!
favourite part is the dread wastes storyline. defo.
My favorite part, which some may hate me for, cross server ganking. No more desolate zones on my desolate server. Not to mention the dismounting shell... :)
Some of the Klaxxi questgivers have some funny lines. "I don't have to tell you how to use (the flamethrower) do I? You point it at something that isn't burning, and you FIX THE PROBLEM!" The humor that was missing from Cataclysm is my favorite. And the hunter tracking pets...
My favrite part has been the battle pets. I wasnt sure i would like it since i wasnt a big pet fan but i have throughly enjoyed it. =D
The questing. It was getting stale after WotLK and Cata, but Blizz got it right this time around!
The Pandaren race of course!