You could call her plane the 'meta' of existence in the fictional world, if you like. It's based off the Celestial Plane in D&D with a few mun-tweaked differences, mainly in the structures of angelic and deity order.
Discord mainly deals with the 'Out of Time' plane. It's a very confusing place, even if you know what's going on. That's probably why she likes it. In it, time in the outside world passes subjectively. Basically, it's where Celestials go when they 'freeze' time. They don't freeze it for real, since through all of existence they would have to use an awful lot of energy. They just leave it.
It is the ultimate in Time Has No Meaning, literally. Time does not exist there. Therefore, when you leave, it could be the time you entered. Or, if you want, a thousand years in the past or future. But time does seem to pass in its own way in there constantly, since no one has ever been able to run into themselves there.
She also spends a fair amount of time in the Plane of Death, which is actually a subsection of the Out of Time plane, referred to as "Fate's Domain" by all and sundry. This is, naturally, where Fate and her Angels of Death live, and usually Discord as well. It contains several portal-linked chambers, including Fate's main room, the soul storage area, the embarkation room, and a lobby of sorts. The 'sky' looks like the spinning swirling vortex of space. There is no limit, and somehow there is always light despite there being no source.
Her next favourite place is naturally the Chaotic Plane, AKA the eternal block party. It's a riotous place where demigods and godlings are always warping in and out, spying on the mortals and meddling, and doing other things Celestial beings do to party. It looks like whatever the last person who changed its appearance wanted it to at the time. It's also the worst place to go if you want peace and quiet.
The last place she spends any time in is the Healing subsection of the Good Plane. This is usually because one of Fate's favourite angels or godlings has gotten themselves in need of being patched up and Discord is there to deliver a message or charm of some sort. It resembles an infinite one-floor hospital, with a swirling yellow and pink sky.
Standard magic, really. She is a (half-)muse. She also has minor healing powers and natural magical teleportation, though she always leaves and arrives with a bang. She draws strength from all things chaotic, which could be one reason she loves the Nexus so much.
Haha. No one's reading this anyway. I'm just lazy and want it on hand.