I phoned them earlier because I am also having slight problems with their email service, and I got in contact with a very friendly chap that was more than willing to talk to me at length about the Age of Conan release and how they're going about it...
Basically, their email system is suffering a huge backlog as of the past couple days because they received a nice big supply of the game and were more focused on shipping the games and getting them out of their warehouse so that people could play on the release date (May 23rd). Because the codes have to be manually typed out via email (i.e. there is no automated system for sending out mount-codes or cd-keys)- they currently have a backlog as their focus was primarily on getting the game to the consumer. Which I think is more than fair enough! I didn't even receive a usual customary email saying the order had been dispatched, even though the website informed me that it was posted yesterday... so their email systems are clearly a little behind
Oh and insider-information that was personally relayed to me RE: in-game mounts informs me that the mounts are not priced on a 'WoW Strategy'. In other words, you don't have to halt your leveling progress to spend 2 weeks monotonously grinding in-game currency for a mount; they are appropriately priced and instantly-accessible to the average player, as soon as you meet the requisite level(s) of 40/80.