Sorry to necro an old thread - I've just tried having multiple teams enter different instances, and it seems the 5 per hour limit is account wide. Anyone confirm/deny this?

RAF B->D, C->E, A not linked
Team 1: 85 pally, 4 x mage
Team 2: 75 DK, 4 x druid

Team 1 are in SM, Team 2 in deadmines.

I'll keep testing to double-check.

Also if anyone's RAF has run out and you have established teams, you may want to consider this option for levelling more teams (thanks to Uala/Mirai for the idea); I personally will be transferring the toons from the 6th and 7th account over once done.