You can get a bag of goodies off the boss once a day.
You can run the boss for cloaks as much as you want.
The following definitely drop from the bag:
- Ice elemental pet.
Tips on using this holiday to gain experience faster than normal:
Use the poles at ANY town to get a (60 minute) 10% xp buff on killing monsters (not on quests). This stacks with heirlooms.
Tested XP on LVL 30 Mobs:
- Base XP: 112 xp
- Holiday Buffed: 123 xp
- 2 Heirlooms: 134 xp
- Shoulders & Buffed: 134 xp
- Chest & Buffed: 134 xp
- 2 Heirlooms & Buffed: 146 xp
Wear your heirlooms. The chest and shoulders give you 20% faster leveling. If you have the ring from the Fishing Derby, you can have up to a 25% experience increase just from the items.
Do instances. My only lowbie alt left is a tank. I don't even quest anymore. I just tank. If you're dps, queue while you quest for some fast xp. Healers and tanks insta-queue.
Use a questing guide. People underestimate the usefulness of guides, especially if you're using heirlooms to speed your way through the sections. I have personally leveled every character by James' horde and alliance guides and saved a ton of time. I even got to skip entire sections due to the xp boosts.
Do the bonfire quests. Every little bit of extra xp helps, right?
Get rested whenever possible.
On a 36 mob:
- Heirlooms + Buffed + Rested: 442 xp
- Heirlooms + Buffed: 234 xp