It came under attack from the Scourge during the Third War and was only partially rebuilt.
It is linked via transportation orb to The Undercity. The only other route between the two cities involves travelling through high-level areas on foot.
Wayfarer's Rest Inn Edit
Blood Elves and others drink, chat and rest at the inn at the Walk of Elders. Here many people can be seen. Intrigue is everywhere and assassins, mercenaries, mages and more can be found drinking eating, drinking and getting involved in more questionable activities.
Murder Row Edit
asssassins, mercenaries, bandits and other criminals stalk the streets. Watch your step and your pockets. You should generally not get involved with the activities here unless you are feeling bold. The area is dangerous, in fact it is possibly the most dangerous area in the whole city. Enter at your own risk. Everything is not criminal here, the streets are usually safe but the alleys.
The Bazaar Edit
Here is usually a resting spot for travelers or a place for scholars to study. Scholars and Mages can frequent the fountain and often relax there. Cernidael Asfala destroyed a bench in a display of pyromancy by accident. The disaster has been since repaired however the fountain does not run that fast since the incident and less people sit there. IT is still frequented b scholars and mages though.
Farstrider Square Edit
Rangers and Rogues hone their skills here, among others. A few people here train but the area is largely deserted. This is one of the emptiest areas in the entire city.
For a more in-depth description of the city, WoWwiki has a very good page.