Town #1
The place you start in. The Death Halls is located here (Level 10 Requirement) along with some quests. Enter the shimmering portal for a quest as well.
Town #2
The town before Illidan's Hideout. To get to this town you must finish the quest given by the archer in the outpost before the town. The Black Ranger is just north of you. The Blacksmith is located here. The Quest to kill Illidan is given by the Night Elf Queen. The quest for the first piece of the secret item "Fire Sword" is given by the Huntress (Check the Guide to Secret Items in the help section for more information on this).
Town #3
The town before the Orcish Barrens. Drak'thul gives a quest that rewards you a Hyper Orb if you finish it. What it does is give you 38 Damage and Life Steal. You can also get the quest to kill the Evil Samurai at the Samurai. If you finish the Samurai quest you shall be rewarded a Lightning Blade, which gives 42 Damage and the effects of a lightning orb. Great items for anyone. There is a Sorceress here that has a Level 2 Lightning Spell Book on sale that will prove useful to you as it has spells that can stun for a short while, but still worth it.
Town #4
The Town before the Arcania Deserts. Also the last town unless new towns are implemented.
There are great rewards here. The Quest given by Leon Medivh, the Blood Elf Lieutenant has you to kill the 7 Scorpions of Arcania Deserts, but becareful as the recommended level for this quest is +250. If you do finish it you shall be rewarded the Elven Armour.
EDIT: Lightning Blade is given by Evil Samurai; thanks DarknessDrake.
Suggestions, corrections and help are GREATLY appreciated.