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Quest rewards
Most rewards take the form of items or money, but some quests (especially class-specific ones) give abilities or spells. Some of the more desirable reward items include uncommon quality or better items or recipes for use with professions. All quests tend to include XP as part of the reward, although some repeatable reputation quests do not reward XP.

Additional notes:

Some quests allow you to choose among reward items.
Most reward items will be bind on pickup, also known as Soulbound.
The completion of quests will also impact your reputation with particular factions, which can have further beneficial effects such as cheaper prices at vendors and access to special vendors such as mounts.
Some reward items may not be usable by your character (based on class usually).
Level 60 (non-expansion owners), level 70 (TBC expansion owners) or Level 80 (WotLK expansion owners) characters now gain money instead of XP for turning in quests. This was done to encourage them to continue completing quests in the endgame. The exchange rate is 6 copper for each XP that the quest would otherwise have given (for example, a quest yielding 14150 XP gives you 8 49 extra); however, repeatable quests are exempt from this rule and will not yield additional money.
editManaging a quest log Currently active quests are listed with their status and details in the Quest Log (L key). Quests can also be shared with other party members. A player can be in the process of completing (or completed but not turned in) up to 25 quests at any one time. A warning will sound and a small message appears if you try to accept a quest when you already have 25 quests.

Sharing quests To share a quest, open the Quest Log, select a quest and click Share Quest at the bottom of the window. Each member of the party who is in the vicinity will be prompted whether they want to join the quest. Once you've tried to share a quest, the following things may happen:

If the party member is eligible for a quest, a yellow system message will appear stating you are sharing the quest with the character. The receiving character will get a quest window as if they were receiving a quest from an NPC.
If the party member accepts the quest, a yellow system message will appear stating the character accepted the quest.
If the party member is not eligible to begin a quest, a yellow system message will appear stating the character is not eligible. This can happen if the party member is, for example, of the wrong class (if the quest is class-specific) or is of insufficient level. It can also happen if the character has not completed the quest's prerequisite quest(s), if any, or does not have the special item that starts the quest.
If the party member already has the quest, has already completed the quest, or has a full quest log, a yellow system message will appear stating this.
As of Patch 3.0.3, there is no longer a restriction on distance for sharing quests.
Some quests will not be sharable, since they apply only to the player who accepted the quest. If the option to accept the quest is not given to a party member, they will not receive credit for having helped complete it. If accepting the quest gives an item which is required to do the quest, the quest is usually not shareable.

Abandoning quests Quests can be abandoned with no penalty by clicking Abandon Quest in the Quest Log, except that the player must find the quest giver again to pickup the quest again. The Cancel button in the Quest Log just closes the window and does not affect any selected quests. There will be a warning that the special quest items already obtained (if there are any) will be destroyed when the quest abandoned. This does not include normal, non-quest items needed for some quests.

"Kill X of Y" quests Any quests that require you to kill "X" amount of something will have you restart at 0 killed if/when you pick up the quest again. This will affect all kill counters for any single quest, regardless of the number of different items needed to kill.

"Collect X of Y" quests If the items you are collecting are marked as Quest item you will lose those items when you abandon the related quest. Items, such as trade goods, which are not quest items will not be lost. Quests that have you collect "X" amount of something though will be updated to show the current amount you have collected (on person or in bank) if/when you pick up the quest again.

The quests that are most easily abandoned are the ones that come from drops that you have found. This way you can just reactivate the item and get the quest right back. Also, other good quests to drop (in case you need to) are the ones you get from NPCs in the area of your Hearthstone-bound inn. This way you don't have to travel far to re-obtain them. It could be inconvenient, however, if you suddenly decide to do a quest that you get from there, yet you have to travel quite some distance to arrive at where you complete the quest. It can be very difficult to juggle quests. It would be helpful to write down what quests you've seen, where to get them, and where they're completed, and where you turn them in, so you can do several quests at once in one area.