Howling Fjord is a fun area from a lore perspective, as this is where Arthas first landed in his pursuit of Mal'Ganis. He then burned his boats so they could not leave, stranding his soldiers and we all know what happened to Arthas! Those humans and dwarf descendants have been there ever since fortifying Valgarde.
It's a great area for skinners or those harvesting meat as there are many herds of shoveltusk roaming around (borean leather, scraps, artic fur and meat all sell well on most servers).
The quest Let's Go Surfing Now on a blazing arrow was a quick way back down to Valgarde from the vrykul town of Nifflevar up top.
The dialog between the vrykul is worth reading in this quest - The Echo of Ymiron. Interesting bits of lore sprinkled through the area. Don't forget while you're in the spirit form, make sure to visit the Lich King for his dialog.