There are many wonderful activities going on that you'll be able to discover by going to the new area: ice skating, fishing, sliding, etc.
The ice fishing can provide many campaign currency to give a boost to your boons or the Stronghold coffer. It is worth getting the purple fishing rod via profession if you plan on fishing.
The following will focus on gift sharing and farming.
This is by far the event with the most interesting rewards in the game ranging from companions to preservation wards to retraining tokens.
To get the most out of the event be sure to complete your daily quests to get a ''Star of Fortune'' (Check the item here) and the Voucher to get a free ''Starlight Parcel'' (Check the item here) from the zen market. You can buy more parcels with zen.
The Starlight Parcel will give you unbound random items and ''Gift of Simril'' (Check the item here) and various other rewards. As you can see on the Starlight Parcel link, the more you open parcels, the better the reward will be. The best rewards include Mysterious Egg (chicken or cockatrice purple companion with a r7 bonding runestone) and a chance at Enchanted Courser mount.
The Gifts of Simril are meant to be given in parties so your friends receive rewards ranging from useless stuff to Star of Fortune and Starlight Bag (Check the item here). This bag is like the parcel but the rewards given are BOUND to character.
With the Star of Fortune, you can buy the various companions and mounts in the store or buy more Gifts of Simril to keep the giving parties going.
When making a party to exchange gifts, most people will agree on a number of gifts to share so it's equal for everyone. To avoid disagreement and drama, make sure to state and agree on the number of gifts that will be exchanged by every member of the party. If you do gift parties with people you don't know (outside of guild, alliance or legit channel), beware of the scammers who will sometime try to give Sky Lantern instead of gifts - which of course don't give any rewards to anyone.
Dirty farmer's tips:
- Doing the dailies with alts provide many more gifts and rewards!
- Try to open up 20 Starlight Bags before opening up Starlight Parcels to try and get the best unbound rewards that could be sold on auction house
More detailed version here: