No thread yet for it, so here it is.
1) More fun than Risia
It's a more fun than the previous festival, requiring no character stats unlike last time, just pure player control. This is much more enjoyable. Thumbs up on this part.
2) Performance = tier of reward? Ugh
Forcing us to perform badly on purpose to get the lower tier recipes is really lame. And we absolutely need multiple lower tiers to make any high tier recipes... Please, make it that a really good performance can net you multiple tiers at once. Having to fail on purpose is not fun.
3) X tries per day.
Not sure how I feel about this one. On one hand it's a really 'pay to win' atmosphere which kinda sucks the fun out of the event, but it also means you'll also only run it a few times per day, and thus not get sick of it (like all other events..). Also even though I'm premium, I only got 2 tokens. Not the advertised 3. Might want to check that one.
4) Loot is, not great... useless even.
A +10 stacking resist to fire OR ice, that requires all previous tiers applied first? ... That seems entirely pointless. Random loot can give +10 stacking to ALL resists, and of course, the upgrades doesn't even work on named loot. I can tell you right away, I will not be using any of the current recipes on any of my toons, even if they were simply handed to me. This really could use some work, as there are no incentive for me to run the event.
Overall, it could be a great event with a few fixes here and there.