You should try and quest efficiently - pulling several mobs if you can handle it, using your burst cooldowns while questing to kill everything faster. Many people would think that a 10-minute cooldown like Bloodlust is useless in open world, but you can do a "kill-15-mobs" quest in like 30 seconds if you pull a lot and use it. A free quest every 10 minutes is not that bad.
A Mythic+ dungeon is a much more difficult version of the original, and loot doesn't drop directly from bosses; instead, a chest will spawn at the end containing a number of items that will increase depending on how quickly you cleared the zone. The level of this loot will increase based on the difficulty level (Keystone) of the dungeon you completed, starting at 345 and scaling to 370 for a M+10 or higher.
":" - Any time a step ends in a ":" instead of a "." means that the next step is part of the current step you are on. This generally means the next step should be done while working on the current step. This means every "start working on" or "continue working on" will end in a ":". But this is used with other occasions as well, so keep this in mind.
Currently, it is believed that the War Mode rewards will change depending on which faction is more heavily prevalent with War Mode activated. The Horde have typically had more participating in War Mode, so the reward has been increased for the Alliance to incentivize more participation in War Mode. These rewards could potentially be increased to both the Horde and Alliance to incentivize both factions to higher amounts of War Mode participation.