Shatter Point houses several gryphon masters, who send adventurers on toward the Abyssal Shelf or to a small encampment named Honor Point (but designated in-game as Beach Head) nearby the Abyssal Shelf. Shatter Point also has a supply vendor who does repairs as well.
Adventurers make a stop at Shatter Point as part of an extensive quest series involving battling the Burning Legion in Hellfire. There is a special flight master that sends the quester off to Shatter Point via a specific non-connecting flight path, and a prior visit to the island is not needed. The true flight path on Shatter Point is almost never used later in the game, but with the introduction of 2.4's daily quests for the Shattered Sun Offensive, some have found it useful for connecting to the Honor Point (Beach Head) flight path, for returning to the nearby Throne of Kil'jaeden and the daily questgiver stationed there.
The only building is a destroyed scout tower. The top of the tower is floating just above the rest.
Interestingly enough, the table inside the tower contains several spread out maps, including the original maps for Azeroth (the pre-The Burning Crusade maps) and, for some reason, Hillsbrad Foothills.