From what I can tell from reading the saga texts (e.g., Njal's Sags, Egil's Saga, Laxdaela Saga), it wasn't a very good place to settle. The journey was dangerous, long, and expensive. The land wasn't hospitable. And there was plenty of free land to be had by force all over Northern and Western Europe.

The only thing that I can see as a draw is the prospect of just starting over in a new place where people have essentially never lived before, bar a few wayward Irish monks. I was wondering if anyone had any insight on why people actually made the voyage and decided to settle in such a hostile place.