I was never impressed that a fluff spell was so useful, so I called for the nerf (or fix in my eyes), and was happy when it happened a long time ago. But I also suggested that instead of a fluff spell, the mounts for ShadowKnights and Paladins become an actual class skill.
Recently, I thought about it, and decided upon this: Your mount starts at 10% speed bonus at 20 as usual, but every level, it gains 1% bonus to speed. By 60, it's a 50% bonus as you and your mount are one, never apart on the battlefield. You empathize with your steed as it empathizes with you, and you can push it to the limit in and out of combat. A Knight and his/her horse has seen everything, and are completely fearless!
And maybe, every 10 levels, (30, 40, 50, 60), the horse gains additional minor benefits, such as Crushing/Slashing/Piercing bonuses, neat and UNIQUE looks for both Paladin/SK steeds (ie. different from the steeds that are going to be available for guild level 40 soon), and anything else you guys can think of.
Good luck, and keep crusading!