Misty Mountains drops a lot of reputation items from the mobs there (Particularly evil men and goblins, and goblins in particular inside Goblin-town).
Originally Posted by wesmont
Since you are VIP, I would suggest do a bit of multiple areas. With the way the game was designed before F2P, this was intended behaviour anway. You will probably have noticed some overlapping quests anyway, where a qiest in one region might send you to another region entirely. Particulaly in those lv20-40 regions, you'll find that you're encouraged to do the first camp/town in one region, go to another region, come back and do the second camp, etc.
In the case of the Trollshaws, as has been pointed out, it's very light on quests. Evendim would be a great place to level right now in the meantime (Either in addition to, or completely instead of the Trollshaws). You'll probably want to to the Trollshaws quests around the Bridge & Barachens camp (~lv32), then gain a few levels elsewhere, come back for Thorenhad (~lv35), gain a few more levels elsewhere, then visit rivendell, few more levels elsewhere, then back to Echad Candeleth (~lv39). Simply put: Trollshaws has quests at specific levels, which not much in between them, which when combined with a lack of quests, makes it very hard to level in one straight line with this region alone.
Once you do get past lv40 (/trollshaws) though i would suggest:
Angmar: Lv38-40 onwards (depending on how tricky you are happy with it being)
Forochel: Lv42-45+ onwards (Again, lower level will add a slight bit more difficulty)
Eregion: Lv46+ (Quests are Lv48+ but aren't too difficult, and there is plenty of quests in moria these days that you don't need to be as high a level as possible before entering)
To answer your question on the most beautiful place though: I'd have to say Lothlorien too.
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