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In an upcoming minor patch, faction mounts offered by vendors on the Argent Tournament grounds will have their visual appearances improved. You will find that the mounts being offered will better match the colors of the faction you chose to represent. Mounts already purchased at the Argent Tournament will automatically be replaced with the updated mounts when this patch goes live.

The ten mounts using the original tournament look will then be available for purchase from Argent Tournament vendors for 5 Champion’s Seals and 500 gold (faction discounts apply). To purchase these original mounts at the Argent Tournament, players must be either members of, or exalted with, the corresponding faction.

Neth, can you please clarify? There will now be 2 mounts per faction purchasable from the Tournament, correct? One for 100 seals and one for 5 seals and 500g?

That is correct. One of those is the updated mount and one is the current mount just for an alternate cost. The currently available mounts will be the ones being updated if you've purchased it already. Otherwise, you'll have two options per faction. (This applies to the ground mounts.)

Thus adding 5 more mounts to my stable, I'll be able to hit 100 mounts without so many of the rare drop ones! ..Which I'll probably still continue to strive for anyway.