Recall here is not exactly as you know it, if you are familiar with OSI shards. Runes in WoD are for gating and runebooks and have no function in the plain Recall spell process. When you cast recall a gump appears allowing you to manage up to 5 recall spots. The first recall slot is free while additional slots must be purchased.
Each slot has 2 buttons associated with it: The left button takes you to that location (normal recall). The second button overwrites that slot with your current location. There's a yes/no gump to make sure you want to do that, and you can also enter a name for that location. If you move while the gump is open, the spell will fail.
I recommend everyone invest in some recall scrolls for getaway emergencies. A Runebook with Recall charges is a much better solution, since they are blessed.
Note: Pets or henchmen that are following you will recall with you, you do not have to gate pets home.