In case you haven't noticed yet, the Lunar Festival went up this past Tuesday after maintenance. For those new to WoW, there are some special recipes available during this event. The only professions offered are Tailoring and Engineering, but if you have one of those professions you're in luck. Tailors could potentially even make money now by crafting the "festival" wear and selling them on the Auction to folks who don't want to bother with coin collecting to buy their own. Engineers probably won't be able to take advantage, since the fireworks recipes they can purchase are likely canceled out by the fireworks vendors associated with the event. Even so, if you're an Engineer this is a great time to beef up your recipe collection.
Even lower level characters can get in on the fun. All that's required to purchase goodies from the Lunar Festival vendor is Coins of Ancestry. You receive these by visiting the Elders that are located in most zones around Azeroth. All you have to do is speak to them to receive a coin. When you find an Elder, you can also have him to point you to other nearby Elders. Other Elders are not always located in a town, but sometimes just outside of town. Occasionally they are nowhere near a town, but just standing in a random spot in the zone. So you might have to do a bit of exploring if you don't see the Elder right away.
If you visit enough Elders, you can collect enough coins to purchase recipes. Just be aware that the recipe quests have a level requirement equivalent to the skill level required for the recipe, that being 45/55 for the schematics and 50 for the Tailoring patterns. So if you aren't high enough level to learn the recipe, you probably won't be able to access the quest for it. Each recipe costs five coins, so if you want more than one recipe you'll have to collect additional coins.
There are other fun items available too, such as Fireworks, some nice health/mana regen food and a nifty gun that shoots Fireworks at NPCs (I still have several from last year). Collecting coins in also a great way to boost your Alliance/Horde faction, so if you happen to be working on one of them already, you can get some easy rep this way. Each coin you collect yields 75 rep to all groups in your main faction (for Alliance that would be Darnassus, Stormwind, Ironforge, Exodar and Gnomeregan Exiles). Pretty nice for just walking around and clicking NPCs. Sure, there's a lot of travel involved... but hey, you're getting out, seeing the world and getting some fresh air for a change!
Another tip for those with low level toons, this is a great way to collect all your major flight paths. If you haven't yet made the trek to Ironforge or Darnassus yet because you started on the other continent, now is the time to get it done without the pain of traveling on foot. Simply visit the Festival questgiver in your nearest city and she will give you a quest which rewards a "Lunar Festival Invitation". You can use this invitation to travel back and forth to all the major cities and no dying is involved! Just make sure when you port to Moonglade that you select the correct beam of moonlight to travel to the city you wish to visit. And don't forget to grab the flight path while you're there =)