Ahune The Frost Lord is the boss to kill for this holiday (since he's not so big on fire). You have to ice him if you want to get the meta for the Fire Festival, which is part of What A Long, Strange Trip It's Been.
What the Midsummer Fire Festival also involves: traveling, more traveling, world PvP, and traveling. I highly recommend celebrating the holiday with friends, though maybe not quite so many as that one time.
My goal is for my druid to finally complete it, to be one step closer to the Violet Proto-Drake. The It came from the Blog family of guilds will also be hosting a Fire Festival event, like we do every year. Stay tuned for an announcement soon™.
What are your goals for the Midsummer Fire Festival? Are you going to go for the meta? Is there a particular item you are trying to get? Or are you going to ignore it completely? (Bah, humbug!)