Toravon is the latest boss to appear within the Vault of Archavon, however we're not quite sure if he is the last of the VoA bosses to be seen in this expansion. The boss is fairly simple conceptually, but don't take him too lightly. I'll walk you through what you need to know to get score some sweet tier 10 PvE gear and equivilent PvP gear.
He drops tier 10 level gloves and legs along with PvP gear (like belt and boots). Unlike his brothers, he drops 3 items on 25 instead of 2. And yes, he does drop Emblems of Frost. Its a fairly simple encounter for an equipped raid group. There aren't any fires to stay out of or anything. You'll need 2 tanks and at least 4-5 healers (on 10 man, you can get away with 2).
Tanks will need to switch off of each other to shake the Frostbite debuff. It can stack up to 100 times and each application places a DoT which hits for about 1000 every couple of seconds. Your tanks can switch when they feel the debuff is getting high.
No, this isn't the crafting reagent. Toravon will summon up 3 Frozen Orbs (1 on 10 man), and they can hurt if not taken care of. Its like a Whirlwind effect that goes around at random. It'll nail anyone within 8 yards of it and it needs to be targeted and destroyed. Ranged players can take care of it. But if there are any that spawn near the melee, go ahead and switch over to finish it off. They start off as glowing rings on the ground before the actual orb spawns.
He'll freeze players and root them to the ground with an ice spell called Freezing Ground. Its a magic and can be dispelled. Make an effort to shake off this debuff especially when there are Frozen Orbs flying around frozen players.
Lastly, watch out for the Whiteout. This ability won't fix your mistakes exactly or anything, but every time it's cast it will continue to increase the amount of frost damage your raid takes. You can think of it as a sort of soft enrage.
Frost Resistance aura or a Frost Resistance totem will help mitigate some of the damage coming through. Even if your raid has neither, the encounter is fairly easy enough to get through. Don't worry, you're not going to need any frost resist gear.
Patch 3.3 is the last major patch of Wrath of the Lich King. With the new Icecrown Citadel 5-man dungeons and 10/25-man raid arriving soon, patch 3.3 will deal the final blow to Arthas. WoW.com's Guide to Patch 3.3 will keep you updated with all the latest patch news.