http://www.worldofraids.com/wow-blue...amp-seals.html (blue tracker link might not work since worldofraids bluetracker is currently down for service but the post is listed below)

Assuming you are eligible for all of the new dailies being added to the Argent Tournament -- meaning you have championed all primary factions and reached exalted with them as well as with the Argent Crusade and Silver Covenant/Sunreavers -- and plan on doing Trial of the Champion, the 5-player Crusaders' Coliseum dungeon on Heroic mode, the maximum number of Champion's Seals you can obtain in a single day will be 15 after patch 3.2 hits, not including any lucky Champion's Seal drops in the Champion's Purse.

Here is a breakdown of the costs of some of the Argent Tournament rewards in 3.2:

Argent Crusader's Tabard: 50 seals
Argent Pony Bridle (for your squire): 150 seals
Bind-on-Account chest pieces: 60 seals
Bind-on-Account weapons: 60-95 seals
Bind-on-Account trinkets: 75 seals
Argent Warhorse/Argent Charger (epic ground mounts): 100 seals
Quel'dorei Steed/Sunreaver Hawkstrider (epic ground mounts): 100 seals
Silver Covenant Hippogryph/Sunreaver Dragonhawk (epic flying mounts): 150 seals
Shimmering Wyrmling (pet): 40 seals

You are right that it is a recolor first and foremost. The one you buy in Outlands is greenish and not what the wyrmlings in the blood elf starting area look like. The wrymling available at the tournament is much more in line with the ones found in the blood elf starting area. This is just sort of a chance to give players access to that wyrmling.

A couple of minor differences between the outland wyrmling and the Shimmering Wyrmling from the Argent Crusade:

The Shimmering Wyrmling flies higher (around shoulder height instead of knee height).
It's summoned via a pretty cool Arcane spell cast to give it more of a high elf/blood elf sort of feel, given the fact it's summoned via magic rather than released from a cage.
It has a special idle animation.
Of course these are all small differences, but again, we wanted to give players a chance of snatching up the wyrmling from the blood elf areas.