Thundgot, one of the EU CMs, has confirmed that the character transfer cooldown has been reduced for the EU realms (and raised for the US Realms, as here it was previously one month, and three months, and six months before that). Currently, the cooldown for both EU and US transfers is three months. That means that any character you transfer has to stay put for at least three months before it can be moved again, which most players (and Blizzard, obviously) seem to agree is a good period of time.
And on the heels of that news, Thundgot has also posted that free character transfers are available on select EU realms, as listed below:
From: Frostmane, Grim Batol, Kazzak, Outland
To: Boulderfist, Burning Blade, Daggerspine
From: Stonemaul, Warsong
First free character transfers in a while (the last I can find were these Oceanic transfers). Since BC was released, it seems like Blizzard has a pretty good hold on population control (or maybe it's just that the populations aren't changing that much anymore). I remember when free transfers used to come almost every week on US servers, but nowadays they are few and far between.
[ via MMO Champion ]