Now, before you paint me as an Anet hater, this isn't because the event was bad in and of itself, but more that we've been gifted with so many free, high quality, amazing fun-filled events in the past and it didn't quite come up to the same standard.
In my opinion, the rollerbeetle racing is cool, if a little gimmiky, although the rewards I believe could have been better - and I'm talking gamer points here, not lunar tokens. If you won every race, you could make 2 gamer points per minute (3 minutes per race at half a minute intervals) but winning is less about skill per se and comes more down to luck, and even if I was that good, there's no way I could make the next rank of the gamer title even if I played constantly.
Again, that's not because the racing is bad (it's actually possible to gain more points over time than by snowball fighting) its simply that the event is only on for three days, compared to the 2 weeks plus of wintersday: In that time, even a casual gamer could make a rank in the gamer title, I'd hoped to be able to make at least another rank in this event, and was unfortunatley dissapointed.
As for the PvE side, the ingredient farming I felt was a little ambiguous, and the eventual purpose was dissapointing for a lot of people, personally I didn't farm all the items, but a lot of people did believing that they'd be able to get their hands on something better than those who didn't.
Fireworks were great for those as have them, I don't personally care for novelty items, but different strokes for different folks, right? I would have liked to see some festive alcohol to help me work my way up my drunkard title, but hey, we got a sugar drink for the sweet tooth title instead, thats cool. Lunar tokens, ok sure, but they didn't really do anything worthwhile for me since I'm not into things that go pop and everyone got a minipig at the end anyway.
I personally got my first pig in my first ten fortunes. I was really happy to get a gold pet out of one of these things (hadn't read wiki or guru yet to know this happened

Besides the above, the decorations and the hat are great, and the spirit of the event was very well done, spoiled only by the usual idiots, and that's no fault of Anet's!
Overall, I would rate this as the worst of the events, but I'd still rather have it than none at all!