Valley of the End

The is on the border of the Land of Fire and the Land of Sound. It was somehow created following the foundation of Konoha, when Hashirama Senju and Madara Uchiha fought for control of the village. The Nine-Tailed Demon Fox was present for part of the battle under Madara's control. Hashirama was victorious, and Madara was believed to have died. In memory of their battle, two giant statues were built on opposite sides of the waterfall, Madara on the left (the Land of Sound side) and Hashirama on the right (the Land of Fire's side).

Years later, at the end of Part I, Sasuke Uchiha and Naruto Uzumaki fought at the valley. Naruto fought to bring Sasuke back to Konoha, while Sasuke fought in an effort to kill Naruto in order to gain the Mangekyō Sharingan. The battle was a draw, neither proving successful in their goals, but only Sasuke walked away under his own power, choosing not to obtain power the way Itachi wanted. The statues of Madara and Hashirama received moderate damage during the fight.

In Part II, after Tobi was revealed to be Madara, he was seen sitting atop his own statue at various points, pondering what path Sasuke would take.

Trivia

 * When Sasuke attacked Naruto with his Chidori, he lept from Madara's Statue while Naruto used Rasengan and lept from Hashirama's statue.