There are also various quests, clothes and pets to earn, and a few recipes. The pets are the same ones as were added back in 2012, the two lanterns, both of which are account-bound battle pets. Most of these items are obtained by collecting and redeeming Coins of Ancestry, which are the items received when you honor elders. To honor them, you basically just go up and say hi, so it's pretty easy. You can earn a maximum of 84 coins from honoring elders, enough to buy at least a pet and a couple of outfits.
For more detailed information, do check out Perculia's excellent in-depth guide over at Wowhead, updated for 2013. The festival runs from today, January 20, until February 3.