Just decided to have some fun here and came up with some ideas. This is just meant to be for entertainment, I'm not thinking "balance" here since I know this will never come to be. Humor me.

I'm thinking there would be four specs (not unprecedented since Druids are getting split into four in MoP), one for each major flight except the Blacks. Since the Blacks are gone now except Wrathion.

Primary stats are strength for Lifebinder, agility for Timeless, and intellect for Spell-Weaver and Dreamer. They'd use mana and mail armor. Their secondary resource is called Chromatic Power, which works kind of like the new Demonic Fury that Demo Locks are getting in MoP.

Some ability ideas I've come up with. These obviously wouldn't be the ONLY abilities, they're just the ones I could think of. Again, just going by what I think would be cool or fun, not necessarily balanced:

Tank - Lifebinder (Red)
Baleflame's Rage: A cone of fire in front of the caster, causing high threat. Heals for 10% of the damage done.
Krasus's Sacrifice: Use all of your Chromatic Power to heal 75% of your health. Long cooldown.
Boon of Alexstrasza: Increase healing taken and defense by 50% and transform into a Red Drakonid. Lasts 15 seconds.

Healer - Dreamer (Green)
Emerald Barrier: Target is sent into the Emerald Dream for 10 seconds, preventing all damage. Basically a bubble, the visual effect just doesn't look like one.
Eranikus's Tears: Apply a DoT that deals shadow damage on the target, and also applies a HoT on the party or raid member with the lowest health that heals for all damage the DoT does.
Dream of Ysera: An AoE HoT, pretty simple.
Dreamform: Project your Dreamform from your body, boosting healing done by 20% for 10 seconds. Your body is asleep while using it and vulnerable to attacks, but the Dreamform is untargetable and does not cause aggro.
Nightmare: The Emerald Nightmare attacks the target, putting it to sleep and applying a DoT on it for 5 seconds that does not break the sleep. The DoT doesn't tick for very much.

Ranged DPS - Spell-Weaver (Blue)
Surge Needle: Summon a surge needle, rerouting the world's ley lines and boosting spell power for all party and raid members by 10% for 20 seconds.
Book of Malygos: Channeled AoE that causes both Arcane and Frost damage, if the enemy stays within the area for the entire duration it is frozen for 5 seconds and cannot attack. Damage will break the freeze.
Kalec's Promise: Call upon Kalecgos's love for Anveena, making all spells that cause Frost damage cause Holy damage instead for 30 seconds.
Vengeance of Arygos: Single-target attack that causes Arcane and Shadow damage. Uses up all Chromatic Power, damage done is directly proportionate to how much Chromatic Power you had before casting.

Melee DPS - Timeless (Bronze)
Mysteries of the Infinite: Transform into an Infinite Drakonid. Your attack speed increases over time, up to a maximum of 10%. How long this lasts is based on how much Chromatic Power you had before using it.
Binding of Soridormi: Freeze the target in time, lowering its physical defense and not allowing it to cast any attacks for 5 seconds.
Sands of Nozdormu: Hits the target with the sands of time, and jumps around up to 3 more random enemies within 10 yards. They do not necessarily have to be the closest enemies.
Rewind: Reset all cooldowns less than five minutes long.
Fast Forward: Dash forward at 70% movement speed for 5 seconds, automatically stopping at the first hostile mob or player to get in your way and causing damage that ignores armor.

Additionally, a basic spell of the class would be Summon Whelpling, that changes based on spec:
Lifebinder - Memory of Rhea: Summon a Red Whelp to fight at your side for 30 seconds. Its attacks taunt the target and transfer threat to you.
Dreamer - Nightmare-Saved Child: Summon a Green Whelp to fight at your side for 30 seconds. Its attacks heal party and raid members within 10 yards for 50% of the damage done.
Spell-Weaver - Kirygosa's Hatchling: Summon a Blue Whelp to fight at your side for 30 seconds. Its attacks slow the movement speed of the target.
Timeless - Time-Lost Chromie: Summon a Bronze Whelp to fight at your side for 30 seconds. Its attacks slow the attacking and casting speed of the target.

So, that's it. What do you guys think?

Edit: Posted this on the official forums too, and someone else came up with:
Halt Time: The player stops time freezing all enemies around the player in a 5 yard radius for 3 seconds. 4 minute cooldown.

And also decided on 15% for Boon of Alexstrasza rather than 50%, heh That was too high, what was I thinkinig?