When Does Warlords of Draenor Take Place?

One thing that hasn't really been made all that clear about the upcoming expansion is just when Warlords of Draenor takes place.

We're dealing with the Horde's biggest champions (douchebags) from the first and second wars. But this isn't really a time-travel expansion. Garrosh went back and altered Orcish history, but the Draenor to which we are traveling is connected via the Dark Portal to modern, post-Siege of Orgrimmar Azeroth.

It raises the question: when in Draenor are we actually going?

In any case, we are dealing with an alternate timeline. The Draenor that turned into Outland still exists, and the Orcs of Azeroth still have their del-tainted green skin. The history has not changed on our side of the Dark Portal.

So the real question is: just how long was the Iron Horde around?

I can see two basic alternatives. One is my best interpretation of how Blizzard is presenting it, and the other is an alternate interoperation that seems to make the most sense.

First Interpretation:

We are traveling to the past. This "Red Dark Portal" has become a dimensional portal, an alternate-universe portal, and a time-travel portal all wrapped into one. Thus, what we're seeing is truly the early days of the Horde, but united by blood and iron instead of demon blood.

Second Interpretation:

What we are seeing is truly just an alternate universe, created by Garrosh's meddling. We aren't traveling through time at all, it's just that the Iron Horde was waiting to strike for about 30 years longer than it had been. Seems that without the demon blood, they haven't been able to wipe out the Draenei, but they also haven't destroyed their planet, so it's a bit of a wash.

Now perhaps the problem with this is that the all the orcish leaders ought to be way, way older (indeed, there should probably be a Go'el out there without all the serious daddy issues.) While having 30+ years for Garrosh's twisted philosophy to gain traction among the Iron Horde would make more sense that the previously "peaceful nomads" suddenly turning into pretty much the same blood-frenzied berserkers we've known, it also makes it a little odd to imagine that, say, Blackhand hasn't been murdered yet. Grommash should be pretty old, and, well, so should all the other Warlords. Hell, there should be a young (well, modern-aged) Garrosh as well.

Of course, one of the things that we have yet to find out about is just what Gul'dan is up to in this alternate Draenor. Gul'dan was the one that got everyone to drink the Demonic Kool-Aid, and I have to imagine that his dealings with Kil'jaeden are still happening.

The other figure I'm most curious about in this upcoming visit to the past/alternate timeline is Ner'zhul.

Unlike many of the other Orc leaders, Ner'zhul was really just misled and tricked. It's implied he actually meant well, but that Kil'jaeden deceived him. In this alternate timeline, what role might he play? Most of the Warlords of Draenor are being sold as villains, through and through, but could Ner'zhul be capable of redemption.

And of course, the best thing (worst thing if you were actually in the game) is that Ner'zhul would become the first Lich King. Might we see how his connection to the spirits of the dead would give him unparalleled powers of necromancy? I will be very, very disappointed if they don't at least allude to Ner'zhul's connection, scratch that, absolutely key role within the Scourge.

I wonder what he'll think of my Death Knight if we ever meet face-to-face.