The Fourth War is over, and ended in an uneasy armistice. Sylvanas abandoned the Horde. The Horde gained new racial leaders, and a new ruling council. Both sides gained permanent valuable new allies and lands. Most of the Alliance and Horde's military forces are completely decimated, and their resources largely depleted. But ultimately - who really "won" the Fourth War? The previous three wars had pretty clear victories, but this conclusion seems really unclear and poorly defined.
For example, what happened to the territories of Ashenvale and Lordaeron? It's difficult to imagine thousands of orcs and Horde soldiers just calmly withdrawing from Ashenvale with their heads bowed, but I don't see how the Alliance or at least the night elves could accept an armistice without Ashenvale returned. And what about Tirisfal Glades, and the lands of Lordaeron? Are they all considered Alliance territory - or do they still belong to the Forsaken after the conflict ended, even after the Undercity was destroyed?
Edit: I personally think as a compromise solution - part of Ashenvale, perhaps a fourth of Ashenvale at least near the Warsong Gulch area, should belong to the Horde, and an equivalent amount of Tirisfal Glades should belong to the Alliance. That way the usual "return to the older status quo" can be avoided, and the hardliners can be somewhat satisfied. The Horde gets to "win" some new territory, the Alliance gets to "reclaim" some of Lordaeron. There should be some change of sovereignty in both continents after such a massive conflict and a monstrous war - just like in real life. Or else it is just not realistic, frankly.
What really constitutes victory - at the end of the day? In your personal opinion, and that of most people, who really won the war in the end? Are you personally satisfied with the ending?