This post contains mild spoilers of the Venture Bay PvP quest sub-zone in Wrath of the Lich King. If you don't want to read about Wrath then this post probably isn't for you.
Venture Bay is a former outpost and port of the Venture Trading Company, the same Venture Co. which is despoiling Kalimdor and the Eastern Kingdom of their natural resources. Having largely had their own way in Northrend for some time the re-emergence of the Lich King, Vrykul and aggressive actions between the Dragonflights appears to be pushing the Venture Company from their holdings on the continent.
The Bay is located to the South-West of the Grizzly Hills, near the border with the Dragonblight. As the Venture Co. flees the Horde and Alliance are vying for control of this strategically important location, just as they did in Halaa in months past. They use the remaining equipment and resources in order to fulfil this aim, including Shredders, Fuel and cake. (I'm lying about the cake)
The East-side of the Bay is controlled by the Horde, the West-side (represent!) by the Alliance. Daily Quest providers on both sides send you out into the contested areas of the bay, quests which earn you Venture Coins. These Daily Quests are PvP, tuned for lvl74 and flag you for PvP whilst they are in your quest log.
The South of the Bay is an island with a Stable, Lumbermill (with Blacksmith) and Lighthouse. This Area is your standard PvP territorial control zone using the same mechanic as other PvP zones/nodes (such as Eastern Plaguelands' Towers).
The Faction which possesses the Lighthouse Island zone gains accesses to another Daily Quest and a Vendor. The Venture Coin Vendor sells lvl74 'Rare' Cloaks, Trinkets, Relics, a Wand and a Throwing knife. These rewards are bought with Venture Coins. As such, level appropriate Shaman, Paladins and Druids will be most interested in these rewards.
Venture Bay is also closely associated with the Blue Sky Logging Grounds to the North, and Daily Quests in the Logging Grounds grant Gold, Reputation with your Horde or Alliance Expedition Faction and Experience. It's likely that these factions will eventually have reputation rewards of their own, but to my knowledge they haven't been implemented yet.
Seeking Solvent - Gurtor at the Venture Bay Horde base wants you to bring him a canister of Element 115. Pick up a Canister of Element 115 from the Venture Co. Ship in the middle of the Bay. Carrying the Canister places a debuff on you preventing you from increasing your speed, and increases the damage you take by 35%. You have only 4 minutes to hand in the Canister before it disappears from your inventory, so be quick!. Reward: 4 Venture Coins
* Following completion of this quest you can hand in more Element 115 Canisters for 2 Coins a pop.
(Daily) Keep Them At Bay! - Defeat 10 Alliance units or players in Venture Bay and return to Centurion Kaggrum. Self explanatory, you can kill either Players or NPC's. Reward: 10 Coins, 20k XP and 5 Gold.
(Daily) Smoke 'Em Out - Use the Smoke Bomb to drive 20 Venture Company Stragglers from their buildings and then report to Sergeant Downey. Around the Bay remnants of the Venture Company still lurk. Throw bombs into the buildings to force them into the open. Reward: 10 Coins, 20k XP and 5 Gold.
(Daily) Crush Captain Brightwater!/ Down with Captain Zorma - Slay [Captain Zorna/Captain Brightwater] and report to [Baron Freeman/General Khazgar] at Venture Bay. This quest is to kill the Commander of the opposition's forces in Venture Bay (a lvl74 Elite), and may require a small group to complete. Reward: 10 Coins, 20k XP and 5 Gold.
(Daily - Requires control of the Lighthouse Island) Riding the Red Rocket - General Gorlok at the lighthouse in Venture Bay wants you to destroy the Alliance Lumber Boat. You first need to collect a Canister of Element 115 and take it to one of the four Rockets on the South-most Pier, then ride the Rocket to the Oppositions Lumber Shipment and destroy it. Reward: 10 Coins, 20k XP and 5 Gold.
Venture Coin Reward Summary. (Build 8282)
Cloaks - Tanking, Caster and Physical DPS Cloaks. These are roughly the quality of the Epic drops of Kael'thas Sunstrider in The Eye, and are ideal for levelling. If you aren't decked out in Epics as you get to into Northrend they these are well worth picking up. You'll struggle to find better before lvl77.
Trinkets - +57 Spelldamage or + 98 AP Trinket, granting 200 Mana or HP on a Kill which grants Honour or XP.
Relics - A Libram/Totem/Idol for each spec. With the relative lack of Librams from sources other than PvP these are of significant value to Relic-using Hybrids. Some may be re itemised before Launch. [Correction: - the Libram of Rertribution now increases Critical Strike Rating by 73 for 8 seconds].
Wand/Throwing Knives - PvE levelling items.