Recently Blizzard had announced the ability to change factions. So if you’re Alliance and you want to be Horde or Horde wanting to be Alliance, for $30.00 USD you can now change. The process is easy, sign into you’re battle.net account and there is a link to do a Faction Change right on the main page of your profile. Right now you can only pay by credit card, but it looks like you will be able to buy some kind of redemption code to complete the faction change. Currently paypal, and the other options are un-available. If you don’t have a credit card, you can always go and get a pre-paid one.
Blizzard says the process should take up to an hour, but makes mention of instances where it may take a couple of days. Personally, my account was active rather quickly. Thing’s to note before you make the change, you have to finish all of your auctions, and your mailbox has to be empty. Anything you have done with the Argent Tournament will be lost, unless you decide to change back, then you are back where you started. I don’t find this to be a problem, each daily is worth around 13g and there are 25 days worth of dailies I believe.
You do get to keep your Argent Tournament pets, they aren’t converted. The mount’s are converted but the pets are not. You also lose your Argent Tournament titles. Something you may want to do before going through with the faction change is completing as many raids as possible, and then doing the change. Raid lockouts (as of right now) are being reset.
Overall the process was simple, and I am very pleased to now be Horde. The $30.00 was a little steep and it only covers one toon, however I think the change was worth it.
Before you do your faction change you may want to read to see exactly what is going to happen to your toon.
*edit* Incase you were wondering, yes, raid lockouts do reset when you faction change.