It's not really special at all lore-wise, but it's an interesting little item nonetheless. That statue was originally a part of the unused Emerald Dream map, and has been in the game since way back in the beta phases of Vanilla WoW. Maybe even earlier. The Emerald Dragonshrine is the first time it appears in the accessible game world, and it's a bit of a view into the Emerald Dream that could have been. Sticking it near Ysera is a pretty good place for it.
That isn't the only decoration like that in Northrend, either. The trees in the Howling Fjord that look like two women leaning toward each other to form an archway? Those were originally on the Teldrassil map, way back in the alpha/beta stages again. If you look hard enough, you can still find pictures of it.
"What would happen if one were to hit exalted with Hodir due to rep turn-ins but had never completed the quest line? Would that person be able to access the shoulder enchants?"
I assume you're talking about the Sons of Hodir tokens you can purchase with badges, because you can't even turn in Relics of Ulduar until you've completed the quest chain. With the badge-bought tokens, you could go all the way to Exalted with those if you wanted to, but they will still be hostile to you until you complete the introductory quests.
"I remember when 3.3 was announced, it was said that there would be a raid wide buff which would increase damage done, healing done, and total health (similar to the random dungeon buff) which would become more powerful as people started progressing farther and farther into Icecrown Citadel. I was wondering if anyone knew when this buff was going to be activated."
As far as I know, they haven't given an exact date for this. They will probably just turn it on when they think it's the right time. If I'm wrong about this, I hope readers will correct me down in the comments.
"So I was trying to do Flirt With Disaster achievement yesterday and I realized there is no alcohol vendor in the Undercity. Any reason for that?"
When is the last time you read about the living dead enjoying a fine wine? Or indulging in a nice aged scotch? I think the last thing on the Forsaken's priority list is spirits. They're more likely to spawn yet another plague before they build up a stock of ale.
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