Yes, you will be missing out on lore and the experience of seeing the world if you only do dungeons. Try to enjoy the questing and leveling experience while you can. Although, if you do decide to skip questing you won't miss it: you can always go back and complete low level quests when you reach level cap. I did exactly that to complete my Loremaster achievement.
If you already have a high level character or a friend willing to give you gold then you can purchase Heirloom items. These items are bound to account and are accessible through the Heirlooms tab using Shift+P. The benefits of these Heirloom items is that they scale with your level keeping your gear up to date without you having to worry about upgrades, and they provide a significant XP bonus.
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The leveling experience for the Burning Crusade and Wrath of the Lich King levels of 60 to 80 has been greatly reduced from 6,689,030 XP to 4,412,600 XP which is a reduction of 34%. This has been a notoriously lengthy leveling section, and this reduction will be very noticeable and appreciated by those players leveling new characters such as those allied races!