Okay, that was fun. Not much XP, but some neat toys...
There are two major threads in the event. The first is the "gift of [something]" I forget. Adoration, etc. You go to an innkeeper, buy some cologne and perfume (yes, you'll need both) and a stack of the Gifts (they come in 10 packs). Then you find a guard or NPC in the city (Stormwind, IronForge or Darnasus) and give them to them and get some cute gifts (more in a sec). The second thread has you out hunting the source of the perfume and cologne (that was fun, don't think the end is the end - look around).
More on the Gifts and Guards... In each city, go and hang around the bank. There will be one or more guards you can give gifts to. Each guard can give you two things; a pledge and a card. You'll need 5 of both. Then go find the NPC in each city that gives you the 3rd thing you need (again, you need 5). So you need at least 15 gifts to make this work, per city.
Once you have all the bundles, put them together and you'll get the "big gift" for that city. Each has its own 60 minute buff (AGI, INT and STA iirc). You can then combine the "big gift" from each city, into an alliance gift and turn that into your favorite leader. Personally, I just dropped it off in IF and camped... I'm toast after flirting with guards all over the WoW world... lol.
The lag sucks. But the quests were cute. I earned my annoying award sitting at the Gryph guy in IF and hitting each person with an arrow to give them a pet for a few minutes. No wonder the game is lagged... lol