Along with the other few guides I just recently posted, they are not for the present time. This is simply for refference in the future when the events come around again. I am sorry, that I was not able to post these when the events were actually occurring. I hope these may help next time around.

Guide to the Lunar Festival
February 5 - February 23 2008
The Lunar Festival is held by the druids of Moonglade to celebrate "their city’s great triumph over an ancient evil"… etc etc etc. If you’re interested in the lore and such, go to the official Lunar Festival webpage. Here, you will only find a guide to what you can do and rewards you can get. So let’s get started.
Overview
There seem to be basically two things you can do at the Lunar Festival:
1. Honor Elders to get [coin of ancestry] that can be turned in for rewards.
2. Kill Omen who is a two-headed beast-dog raid boss and the objective of the quest "Elune’s Blessing".
Optionally, you can also get drunk and shoot fireworks obtainable from Lunar Festival Vendors. Woohoo!
So why would you want to do this? For cool rewards of course! Refer to this page to see what you can purchase with the coins. As you can see you can get 2 special tailoring patterns, and several engineering schematics. Some of the engineering schematics are BoP but 1 of them can be traded as well as the 2 tailoring patterns. You could probably sell them for 100g each to the right buyer in the off-season. Not to mention the beautiful pant suits and dresses. These rewards are ONLY available during the Lunar Festival so don’t miss out!
Lastly, you’ll also get +75 reputation with Alliance or Horde, which translates into +75 reputation with each major city. That’s 3750 reputation each if you visit all 50 elders. If you were to purchase that kind of rep with runecloth you’d probably be looking at 500 gold or more.
Okay, let’s talk about the quests now.
Quests
"The Lunar Festival" starts at Lunar Festival Emmissary, ends at Lunar Festival Harbringer. Can be completed in Orgimmar, Thunderbluff or Undercity for Horde and Ironforge, Stormwind and Darnassus for Alliance. Only once though.
"Lunar Fireworks" starts and ends at Lunar Festival Harbringer. Purchase 8 small rockets and 2 rocket cluster from the Lunar Festival Vendor (beside the Harbringer) and right click them near the launchers to complete the quest. Rewards 150 Cenarion Circle rep and a Lunar Festival Invitation which teleports you to Moonglade when you use it in the circle of greater moonlight.
"Valadar Starsong". Starts at Lunar Festival Harbringer. Use the Lunar Festival Invitation to teleport to Moonglade then go north to the town of Nighthaven and turn it in to Valadar Starsong on the east side.
While there you will notice the vendors of Lunar Festival rewards. That’s where you will turn in coins of ancestry that you get by visiting elders. As I said, you can get 50 coins in total. It will take hours to get them all. There is one in each major city for horde and alliance and they’re pretty hard to get to. I did it as an alliance lvl 70 hunter, but I think it will be harder for the horde to get inside the alliance cities. Btw, many of these will require you to be lvl 60-70 to have a chance of getting them.
Anyhow, here’s probably the most streamlined way to do it as alliance. Horde might be slightly different due to flight paths but should be largely the same. I’m assuming you have all or most flight paths. Otherwise you should pick them up on the way. Flight Path map.
The Fastest Path To All Elder Locations
Kalimdor Elders (from north to south)
NPC Zone
Elder Bladeswift Darnassus
Elder Bladeleaf Teldrassil
Elder Starweave Darkshore
Elder Nightwind Felwood
Elder Brightspear Winterspring
Elder Stonespire Winterspring
Elder Skygleam Azshara
Elder Riversong Ashenvale
Elder Runetotem Durotar
Elder Darkhorn Orgrimmar
Elder Moonwarden The Barrens
Elder High Mountain The Barrens
Elder Bloodhoof Mulgore
Elder Proudhorn Thunderbluff
Elder Windtotem The Barrens
Elder Splitrock Maraudon
Elder Mistwalker Feralas
Elder Grimtotem Feralas
Elder Skyseer Thousand Needles
Elder Morningdew Thousand Needles
Elder Dreamseer Tanaris
Elder Wildmane Zul’Farrak
Elder Ragetotem Tanaris
Elder Thunderhorn Un’goro Crater
Elder Bladesing Silithus
Elder Primestone Silithus
Eastern Kingdom Elders (from south to north)
NPC Location
Elder Winterhoof Stranglethorn Vale
Elder Starglade Stranglethorn Vale
Elder Bellowrage Blasted Lands
Elder Starsong Sunken Temple in Swamp of Sorrows
Elder Skychaser Westfall
Elder Stormbrow Elwynn Forest
Elder Hammershout Stormwind
Elder Rumblerock Burning Steppes
Elder Dawnstrider Burning Steppes
Elder Stonefort Lower Blackrock Spire (LBRS)
Elder Morndeep Blackrock Depths (BRD)
Elder Ironband Searing Gorge
Elder Silvervein Loch Modan
Elder Goldwell Dun Morogh
Elder Bronzebeard Ironforge
Elder Highpeak The Hinterlands
Elder Snowcrown Eastern Plaguelands
Elder Farwhisper Stratholme
Elder Windrun Eastern Plaguelands
Elder Meadowrun Western Plaguelands
Elder Moonstrike Scholomance
Elder Darkcore Undercity
Elder Graveborn Tirisfal Glades
Elder Obsidian Silverpine Forest
Not only will you get a coin of ancestry from each elder, you’ll also get a Lucky Red Envelope in the mail some hours later. The lucky rocket clusters give a cool +250 health buff for 30 minutes.
The final quest you can do is called "Elune’s Blessing" and involves killing Omen. You summon him at 62.63 in Moonglade by firing a lot of cluster rockets. You don’t really need to kill him though, you can get credit just by standing in the light beam that shines over him when he’s dead. You’ll need a good group of level 60-70 to kill him. You get 500 Cenarion Circle rep and some other stuff for completing the quest. You can use Elune’s Candle to damage him (obtained by turning in coins) but it’s not required.