Setting up new Mac with old Macbook data
You could do it through WiFi, but a faster option is targeted mode.

You will need a FireWire cable to do this.

Migration assistant copies your home folder (documents, email, pictures, music, etc.) and preferences to the new computer.

However, it does not copy third party applications by default to the new computer. For that, you will have to make a list of your desired applications and copy each of them from the old computer to the new one. You can use Homebrew and Cask to do this but it is probably more involved than just copying in targeted mode or just re-installing. Homebrew can be used to easily re-install command line apps on the new computer. Migration Assistant does not copy command line apps.

Even if you did copy the GUI apps to the new computer there will probably be a few that no longer work on Yosemite and you will need a newer version.

Good luck!