A vast statuary waterfall marking the border between the Fire Country and the Rice Field Country, the Valley marked a landmark where two shinobi fought great battle in the past. It is said the destruction was so great it tore the earth asunder, creating the very valley. The figure on the Fire Country side is the First Hokage, while the figure on the opposite side is Uchiha Madara.
This is also where Naruto and Sasuke fought their battle when Sasuke left Konohagakure to become a missing-nin and join Orochimaru.
To both villages this is a true historic landmark (Sorry Konoha but sound village gets this one.)
Not that this isn't inside the sound village so people from other villages can come here freely.