The entire event is based around doing FATE's, which can be awesome (if you like doing them) or totally horrible (if you hate doing them). I myself am somewhere in the middle. See, there are some specific FATE's that you need to do and even when those spawn you only have a 50% chance of Lightning actually being there so you can get the special items you need. This comes down to a lot of waiting for FATE's to spawn and hoping that you can join a group because having to earn Gold ranking by yourself with a lot of people waiting around for the same is almost impossible.
There's a few things you can get from this event. An entire gear set by completing the various quests that are offered and next to that weapons which you can buy with items dropped when completing the special FATE's with a gold rating. I have to say that the weapons look awesome and I want to get them all so I can use them in my vanity slots and make my character look that tiny bit more awesome. I also like the gearset quite a lot, it's sexy yet tough so I will probably spend some time on this event yet to get all of the stuff (I only did the first two quests so far).
The entire event is a promotion for the release of FFXIII: Lightning Returns! A game that is set to release on the PS3 tomorrow and focuses on Lightning, one of the protagonists in FFXIII. I'm kind of bummed out that I won't be able to play this game, as I have no PS3, but I hope they will re-release it somehow so that it's playable on the PS4 when I get it somewhere next year. I think it's nice they've coupled the release of this game to an event in the FFXIV world and I hope they'll do it again when FFXV releases. I just hope they won't use the same concept of having to stand around and wait for FATE's because honestly, that kind of sucks.
This is my opinion so far on the event itself, I will do a picture post later on when I have obtained all the items to show you guys how awesome all the stuff looks.