The recruit also grants the recruiter levels, with the latter gaining one level for every two levels the recruit gains. There are a lot of rules and restrictions to that, however. It all basically boils down to leveling alternate characters together. The recruiter can even earn epic mounts and battle pets if you stick with the game for a couple months.
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Though related, this is no longer true. You can now purchase a lvl 90 character boost. Some power levelers have hoped for a day when you could use real money to buy individual items in-game, some times called "micro-transactions." At a Game Developers Conference 2008, Rob Pardo gave a strong indication, Blizzard would not ever go this route with World of Warcraft.
Usually it's best to avoid a lot of instance runs. It is too difficult to account for bad groups, and some instances are too far away with too few quests. Since the experience is very good, it's a good idea to clear nearby instances which have a lot of quests once (Gnomeregan, Deadmines for Alliance). Distant instances with few quests should be avoided (Deadmines for Horde). Low level instances can be cleared by paying or befriending a single high level character. However, since patch 3.3 a new Dungeon group finding system has been implemented, as well as a direct port to dungeons (when entering the group you get ported to the dungeon and back to the same location if you leave it) and thus the travel time to dungeons has been greatly reduced. This makes it a good idea to complete quests or grind while you wait for a group to become available.