The Ring of Valor

From WoWWiki

The Ring of Valor is located in the Valley of Honor in Orgrimmar.

The Ring of Valor is a massive gladiatorial arena. Here warriors fight to honor the Horde, not for the amusement of bloodthirsty crowds. Young orcs practice here with blunted weapons, but occasionally fight to severe injury or death.^{LoM 43}

Purpose

It was supposed to serve the same purpose as the Gurubashi Arena, except there would be no treasure in the middle. On the US WoW Site, under one of the guides, it's clearly stated that each alliance has a city arena to PvP against the players of the same Faction. This feature is still not implemented, so for now, the Ring of Valor doesn't serve any game purpose.

Information pasted from US WoW Site:

Player-vs.-player combat areas - Players thirsty for a bit of friendly competition can try out their swords and spells on each other in the combat arenas located in the cities. What better way to hone one's skills than against a fellow player?

This place could have been used for RP reasons or a staging area, however it is not possible to enter the ring itself, just the stands.

v • d • e Subzones of Orgrimmar Cleft of Shadow · The Drag · Hall of the Brave · Hall of Legends · Grommash Hold · The Ring of Valor · Valley of Honor · Valley of Spirits · Valley of Strength · Valley of Wisdom