My hubby noticed this first, then I also checked and mine is doing the same thing.
The bridle chain is slipping way down, and then there’s a chunk of the haunch on the right side of the horse (behind the saddle) which at first appears to be invisible, until you notice that particular piece is floating underneath you, just kind of flapping in the breeze as you fly along.
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Logged in to check, and yeah, it’s pretty noticeable.
One of the bridles is just drooping to the ground…
…and half of its butt is just… 5 feet below for some reason.
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Yeah found this problem as well. Was not happy.
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Just noticed this as well and came to see if anyone else noticed
Didn’t notice the butt until I found this thread tho lol
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I can confirm the exact same things on my screen. That poor charger.
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yep, same issue here, i’m sure they’ll fix it up quick but it would be so fascinating to know what code change introduced this bug for this specific mount.
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I noticed this too, last night. I am glad it’s not just me, I was worrying about my video card.
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Same for me. 
Very sad about this because it has been my go-to mount for years…
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So mine looks normal today but my friends say it’s an issue on theirs.
It may be some manner of change related to dragon-riding (more properly: “dynamic flying”) or, rather, the up-coming change to flying mounts that will make use of dragon-riding mechanics. I don’t think you can even access dragon-riding until level 60, so that may be a factor.
I just checked this on a level 70 character and the mount seems fine. I don’t have any below 60 to test whether it’s tied to the Dragon Isles report being available (and thus dragonriding is unlocked).
I tested this one a low level and high level toon and it was broken for both. Although I find it odd now that it’s not showing the same issue for everyone.