You would love the area - if the weather cooperates that is. Though the mountains are lower than The Alps, some of the glaciers are an order of magnitude bigger and go down much further, making for fantastic scenery.
Another plus is that there are few people. Only the normal route for Hvannadalshnúkur is climbed regularly enough that it sometimes has a clear trail.
We descended (most of) said normal route, and there was a trail alright, but not always a clear one.
For our ascent we took a less traveled route, this picture is from the other side. I'm pretty confident we were the first people to be there in several weeks.