If you're interested in participating, there's a lot to do during the Lunar Festival. You can set off a bunch of fireworks (don't blow your fingers off), grind out a lot of easy experience by visiting elders, and the perennial WoW holiday favorite activity, killing stuff. Check out Allison Robert's Guide to Lunar Festival 2012 for more details.
What are your goals this Lunar Festival holiday? Are you going to be making the rounds to try and finish off your What A Long, Strange Trip It's Been achievement? Try to level some alts with the aid of that sweet, free experience? Or are you going to just sleep your way through the holiday because "been there, done that"?