Below you will see vistas from the first zone I have converted, Kalimdor, that I believe are very faithful to the original World of Warcraft environment. The same process will be used to re-create the entire game, including all continents and dungeons.

(full gallery on imgur)

The only obstacle I've run into is the default Minecraft height limit. Many zones exceed 128 blocks, so I've needed to use mods to increase the height limit. Once I'm satisfied with the quality of the maps, they will most likely be hosted online. I've received a tentative offer from Cursecraft to host the world, which might be where it ends up.
You can follow along my progress on my thread at MMO-Champion, where I posted some work-in-progress screenshots and explained how I did the conversion. Let me know if you're happy with the results, and I will gladly post more screenshots and video as the project advances =D
Update: There's now an interview on Venture Beat which includes some screenshots of Outland:

Update, Apr 4: Added some preview screenshots of the Eastern Kingdoms:
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