Oh well... Hmm. :'

Right at the moment, nothing is going on other than people having the opportunity to sign-up for the three teams and hang out with each other in these event hangout threads to sort of "get to know each other". (Basically, it's a way to meet new people without feeling shy and to earn gold before the event gets here. ;3 )

Once the event starts, there will be a new Announcement and a new forum open. You'll start earning a second currency as well as gold when you participate in the forums and you'll use this currency to purchase the special event items (the rare/limited items). More information on that isn't something I can tell you, though other users can certainly tell you what previous events were like. :)

If someone hasn't already told you - during the event, our new commons ("event commons") are released at half-price. That means after the event, those commons become twice as expensive. So during the event you might get a pair of pants for 200 gold that become 400 gold after the event. :)

If you have any other questions, feel free to ask. :3