For those of you not in WoW, I thought that a summary of what LvL 70s do might be interesting.
Finish up your quests!: Most players had difficulty making the big bucks to buy the epic mount or BOE gear. One of the best ways to make money is to complete all the high level quests left to your toon. When you don't need the experience any longer, the game gives you more gold as a reward for the quest. It's probably as good or betters to efficiently make gold in the game. This will also get you reputation with various factions.
Instances: You've gotta replace that quest and green gear with better items and many of those drop in normal high level instances. The best way to gain lots of reputation with various factions is by doing instances in those areas.
Reputation: Once you get your reputation up with a group, the vendor/quartermaster for that group has items available that are rare or even epic. You have to find who has what items that would be great for your character and then farm reputation with that group (usually by repeatable quests and then instances) to qualify to get the item that you need.
Heroic Dungeons: Once you have your reputation up to revered with a group, there are the keys available to do the instances in a harder mode called "Heroic". Better items drop but the instance is significantly harder.
Old PvP Battlegrounds: The old capture the flag and domination style battlegrounds (Warsong, Arathi and Alteric Valley) give you honor and marks of honor (like a badge) that allow you to purchase some great items.
Arena Battlegrounds: These new arenas are more like a deathmatch or rocket arena. Fast! The gear available is about the best in the game for certain kinds of activity (like PvP naturally). You have to maintain a certain quantity and quality of play to get points out of the new arenas whereas the old arenas give you points just for being there.
Farming gold to build your stuff: Killing demons, elementals or other mobs to get stuff to sell is a solo way to get good gear. Lots of gear comes from random world drops that end up in the auction house or from tailors etc., that make rare or epic items that you can buy outright or by farming the materials, or gold for the materials, to have stuff made.
Trades: Once you've leveled up your trade near the top, you need rare recipe/patterns to go further and to make the good stuff that make the trade (like alchemy, tailoring, gemcrafting) worthwhile. Some recipes can be bought but most guys will get them as dungeon drops.
Cruising: It is pretty fun just to cruise around on your epic flying mount and pick up materials, help people or kill this or that at your whim.
Chat: there's a fair amount of conversation that goes on in WoW in text or Ventrillo. It adds quite a bit to the game.
