I've been wandering this but which transformation is faster? Do not include the fact that the VL can glide over rocks and water were the werewolf would get stuck for a sec. I just wanna know flat out speed who wins?
Also how do you get a VL to hover above the ground? I heard someone mention this.

Werewolf is much, much faster. Faster than Shadowmere, even.

This belongs in http://www.gamesas.com/forum/196-dawnguard-cheats-hints-and-spoilers/