The festival, which celebrates the survival of the Empire of the Dragon, is an old favorite with the Guild Wars community. The party begins this year on July 1st, and the official Guild Wars site offers a nicely-done schedule of events, dates and times for players.
Another time-honored Dragon Festival tradition is the ritual chanting of "How do I get a hat?" in local chat. The answer to this question is "Have 250 Victory Tokens in your inventory and be here when the Emperor comes on Sunday." It's a good thing to know, because this year's hat (mask) hints at something special: "This year's mask design is inspired by the great dragons of legend."
Shades of Guild Wars 2? We'll know in just over a week.