Shadowy Tormentors inhabit this dimension, and emerge from it to torment death knights such as Koltira Deathweaver. The Lich King originally kept them at bay, but after the Knights of the Ebon Blade left his service, the tormentors are now loose upon them. He even appears in the World of the Dead, as he calls it, riding a frost wyrm during  The Power to Destroy.
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 Shadowlands will feature five major zones - Bastion, Ardenweald, Revendreth, Maldraxxus, and the Maw. In the center will be the city of Oribos, which functions as the main player hub similar to Shattrath City in Outland in The Burning Crusade or Dalaran in Wrath of the Lich King and Legion. There will be four new dungeons for leveling, four more at maximum level, and a new raid. In addition, a new roguelike "endless dungeon" called Torghast, Tower of the Damned, will be introduced for both solo and group play.
The Realm of Shadows may be the same World of Shadows as the one that becomes visible when a [Elixir of Shadows] is consumed. It may also have something to do with shadow magic and shades. Death knights, necromancers, and undead as a whole share a strong connection with the Realm of Shadows from many hints that can be seen in-game. In the death knight starting zone, death knights are given the task to enter the Realm of Shadows in order to gain their Deathcharger. Later on, death knights are eventually able to learn the ability [Raise Ally] which pulls their ally's spirit back from the Realm of the Dead and forces it back into their body. Upon doing so, a buff is applied to the player stating that: "A touch of the spirit realm still lingers..." This shows that death knights and necromancers both have a connection to the Realm of the Shadows/Dead to perform necromancy which furthers the idea that they actually are drawing their magical power from it.
Alpha Beta PTR Vanilla 1.1.0 1.2.0 1.3.0 1.4.0 1.5.0 1.6.0 1.6.1 1.7.0 1.8.0 1.8.4 1.9.0 1.10.0 1.11.0 1.12.0 Burning Crusade 2.0.1 2.0.3 2.0.4 2.1.0 2.1.2 2.2.0 2.3.0 2.4.0 2.4.3 Wrath of the Lich King 3.0.2 3.0.3 3.0.8 3.1.0 3.2.0 3.2.2 3.3.0 3.3.3 Cataclysm 4.0.1 4.0.3a 4.0.6 4.1.0 4.2.0 4.2.2 4.3.0 4.3.2 Mists of Pandaria 5.0.4 5.0.5 5.1.0 5.2.0 5.3.0 5.4.0 5.4.7 Warlords of Draenor 6.0.2 6.0.3 6.1.0 6.2.0 Legion 7.0.3 7.1.0 7.1.5 7.2.0 7.2.5 7.3.0 7.3.5 Battle for Azeroth 8.0.1 8.1.0 8.1.5 8.2.0 8.3.0 Shadowlands 9.0.1