"Fish here long enough and you will see everything. I once saw a walrus with legs and arms. Not only that, but it talked!"
Presumably a reference to the Tuskarr from Northrend 'Trawler Yotimo' who is found in Angler's Wharf.
The quote which mentions a pandaren called 'the Noodler', possibly newly added NPC Cranfur the Noodler <Innkeeper>.
In the harbour you will see some sunken boats with bubbles rising up. You can dive to these and find air pockets inside. Nothing of interest to be found yet.
North-west of the Flight Master, tucked down by the cliff edge to the sea is an empty 'Nat's Fishing Chair' with fishing pole. Just decorative and not able to sit in it.
If you follow the coast around to the west you will find a small fishing outpost on a rock with fishing nets and a boat. No NPC. In the water next to it is an interesting fish-like skeleton and fishing trap. And in front of it a little way out, is a huge half-eaten fish skeleton.