I had hoped to bring everyone some early news from the PTR today, but alas the character copy has been down all evening and I'm not able to take any of my toons over to see what's what. Instead I spent my evening doing the Valentine's Day quests :)
This is not a new event, and it's also a bit weird that it overlaps with the Lunar Festival in my opinion. But I decided to noodle around with it anyway because I actually like Mr. Peddlefeet (call me weird). So I went around town collecting cards and pledges and actually got 2 out of the 3 faction's "gift collections". In case you're unfamiliar with how this event works, you can find a nice write-up on the WoWWiki. The quests can be pretty confusing, in fact even I learned some new things that I never figured out last year. There's also a few points that aren't covered in the Wiki that I wanted to share after an evening of kissing random strangers (mmpphhh... lips... chapped...).
The first thing is the chocolate - once per hour you can snuggle up to an NPC and get a "Gift of Adoration". There are a number of random rewards which usually include a box of chocolates. The chocolates have a variety of food buffs with pretty nice stats. The really nice part is that the buff will last for 60 minutes instead of the usual 30. And it stacks with regular food buffs. I tested this personally and I know it works. I dunno about you, but I'm going to stockpile these bad boys! But as I said, you can only collect one "adoration" gift per hour and that's played time. You can't log out and come back in an hour, I tried that too and unfortunately it didn't decrease my time a bit.
Also, for those of you who've been green with envy over the Picnic Basket items that a few folks have gotten through the trading cards, there's a similar item that is rewarded in the Gift of Adoration. I got two of them on different toons, so they don't appear that hard to get. They also don't have any sort of expiration on them, but they do have a 3-minute cooldown.
A few other tips I wanted to share were regarding the Friendship tokens. After you get the Gift of Adoration (once per hour) you can continue trading tokens with NPCs to collect Friendship items. These are combined into a collection that you turn in for your city of choice, or you can do one for all three cities for even better rewards (more chocolates, so I've heard). If you need to collect "cards" or "pledges", make sure you talk to city guards and not the other NPCs. Wandering guards seem to have a better chance of giving a card, so if you're short on those try to chat up the wandering guards instead of the stationary ones. Also, in Darnassus there's a severe shortage of male guards for us female toons to snuggle up with. While I don't normally advocate gender-switching, you can wear the cologne instead of the perfume and the female guards will give you their tokens.
I also found that many of the quest items are soulbound, but the cards/pledges/etc are not. So if you end up with a surplus of something, send it to another toon to make their rounds easier. Alternately you could store them on a bank toon for a future wave of collecting. As I said, I fully intend to collect as many chocolates as possible before this event ends, so I will milk every advantage I can get =)
Have fun and make sure you post and share any other tips you might have!