What do this month's brew do? Not a whole lot. Like I said, it cools you down. Really. After drinking it, you can see your character's breath for awhile. Which... you probably won't notice in Northrend at all, because almost the entire continent makes you do that anyway. If you prefer getting your drunk on in Ironforge, this drink is perfect and you can pick some up in the usual places in Orgrimmar and Ironforge. If you're looking for a drink to warm you up on a cold Northrend night, go for a Northrend staple: Mead. It's all over the place up there.
Edit: Apparently this drink can also proc an iceblock that you get locked in for a little while, but in my experience it must be pretty rare? I've gone through a stack and a half of the stuff and haven't had it happen to me yet, but many of our readers have mentioned seeing it. I think the booze is playing favorites.