Once upon a time, titles were markers of PvP status. In the old PvP system (before patch 2.0), people who had attained a particular PvP rank had the option of showing it next to their name; I never got past "Captain," but it was fun all the same. With the new PvP system, though, the ability to gain these titles were removed from the game, though as I recall players retained the highest rank they had ever achieved as an optional title. Shortly following this development, Blizzard announced that they intended to expand the title system, giving them out to players for various achievements PvP and PvE alike.This took quite a long time to properly materialize. The first new title was Scarab Lord, for opening the Ahn'Qiraj gates; following that have been titles for attaining exalted with your side's battleground factions (Justicar/Conqueror for Alliance/Horde), for getting your Tempest Keep or Black Temple keys (Champion of the Naaru, Hand of A'dal), and for various arena standings (Challenger, Rival, Duelist, Gladiator, Merciless Gladiator). I love you, WoWWiki.
With patch 2.4, it'll be time to add one more to that list: "of the Shattered Sun." This is, as far as I know, the first title that comes after your name [edit: not so much], and I like the look of it: "Eliah of the Shattered Sun." Yes please. So what do I have to do to attain this coveted marker? Hand over some gold. Specifically, 1000g. There also seem to be quite a few prerequisites. But according to the Wowhead page for the quest which gives the title, called "A Magnanimous Benefactor," once you've gotten to the right point in the quest chain, the next quest just asks for "a large contribution." Drop the coin and the title is yours. Is it worth the price of a flying mount for something that is purely cosmetic? You decide.