Wasn't it forged by demons (Kil'jaeden I think?) and used to control undead?
Why is it suddenly this powerful object that upon breaking will tear asunder into another dimension ?
This confused me greatly. The presenter at Blizzon said that, as King Terenas said "there must always be a Lich King" and now for the first time ever, there isn't one. Factually false, of course: the Lich King came into existence a relatively short time ago by WoW's history and Terenas referred to the LK as keeping the Scourge in check, not keeping the Shadowlands at bay.