There are rumors that the Lunar Festival has been updated this year, although I'm not seeing any new information on Wowhead just yet. From what I've seen in the Armory, new pets may be available for you pet collectors! The Elders are spread across all four continents, so the main activity involved is traveling. On the plus side, you can get 75 Alliance/Horde rep for each Elder you visit. This is a great way to beef up your city factions if you're still lacking.
The recipes are sold in Moonglade and require Coins of Ancestry to purchase. You collect coins by visiting Elders, they each give you one coin. Collecting for Tailors is a fairly easy task, as there are only two recipes available. Each recipe costs 5 coins, so you can purchase everything you need for 10 coins. Engineers have a tougher project ahead of them, as there are 14 Engineering recipes available. Luckily the fireworks recipes are bundled in threes, so the total needed to get all recipes is 30 coins.
If you'd like to see a full list of the recipes associated with the Lunar Festival, you can check them out here.
Participating in the Lunar Festival is a fairly low-key activity and something that can easily be done in between raids/dungeons/whatever. The event runs for close to three weeks, which should give folks plenty of time to work it into their schedule. I'll be reviewing the accuracy of these items when Lunar Festival launches in a few days, so check back here if you notice any discrepancies!