The Shadowlands were originally intended to be a fully playable zone in World of Warcraft, designed for high-level play. The idea was that as deceased characters made their way back to their corpses, they'd see high-level players battling creeps in the area, which would inspire lower level players to increase their character level so they could experience the zone for themselves.
The experience curve is adjusted to make it faster than ever to prepare for the newest challenges, and each level along the way will provide more meaningful increases in progress and power. All expansion zones are getting more flexible, too; they'll be able* to scale to you and your friends while you level to 50, so it's easy to try a zone you've never played.
During the Burning Legion's third invasion, the Knights of the Ebon Blade traveled to the Shadowlands to acquire the Aggregates of Anguish, five tormented essences of powerful souls - Admiral Proudmoore, Soulbinder Nyami, Grand Empress Shek'zeer, Grand Apothecary Putress and Archmage Arugal. Salanaar required these to conjure the Steeds of the Damned for the order's new Horsemen.
The spell called "spiritual projection" or "astral projection" brings the caster to the Twisting Nether instead of the Shadowlands; and the Twisting Nether is also referred as "realm of ghosts". However, both planes don't appear to be related, as Outland is floating on the Twisting Nether, but the Shadowlands can be reached in Outland in The Burning Crusade.
The origins of the Shadowlands remain uncertain, but they have existed ever since mortal life first arose in the physical universe. They span all worlds, including Azeroth, on which Icecrown serves as an anchor to the Shadowlands. There are those who believe mortal souls are drawn into this dark place when they die, remaining there forever. Others hope their souls will go on to a brighter place rather than languish for eternity within the cold confines of the Shadowlands.