The Emperor appears by the foot of the stairs and then walks up to the Fountain by the Storage in the Monastary. He appears every 2 hours from midnight Pacific time till Midnight again.
He gives a long speach and then hands out masks to anyone who has orbs. They appear in your inventory and the orbs dissapear.
Then he makes an exclamation about the foul beasts attacking the monastary and asks for everyones help repelling them from the event. This starts a 15 min timed event in the monastary where you must run around and gather up these celestial essence drops (dont remember the correct name sorry) and deliver them to sorccerers around the monastary edges.
The Grasps are also gathering these up and killing people who pick them up if they catch you (So bean cakes are usefull). You rez back a min or so later to continue in the race. The leader of the Grasps is a Ghost Knight on a Horse named The Fury
There are huge numbers that count how many you have turned in and how many the enemies have turned in. If you win then the Emperor sings his praise and fireworks start. They look really cool. Also presents start to spawn randomly around the area, usually near npc's and merchants which you can pick up. These are the same as the 25 ticket prizes. This goes on for a good 10 min or so, then the Emperor leaves.
Screenshots:
Zalnana & The Emperor..and a huge crowd

The Enemy & Countdown.
Clean Shot of The Fury
Carrying an Essence
Picking up Gifts
Fireworks & Prizes
Fireworks
Dragon Mask (Dyed Magenta)