After using the portal you will appear in an area like this:
(Forgive the quality of my area, it doesn't quite match up to Gret's or unamoosed's area designs but it is my first attempt at drawing one
)
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To Do List:
Draw up an interior of the Airship.
Draw up the Island Entrance.
Draw up the Island.
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*Storyline*
After defeating the Acerbustle, you talk to an NPC and find out that the Acerbustle that you fought was simply a hatchling and he offers to take you on a ride on his Airship to Acerbustle Island, where a real town was built on its back. There will be shops selling exclusive equipment and other missions to do on that island as well.