It's really fun. It captures all the nostalgia of old-style games and provides an absurd contrast with Guild Wars' art style, while at the same time embodying Guild Wars and making perfect sense.
It's also really annoying for those of us who are trying to get anything else done. Not only do I feel like I *should* be doing it on top of everything else, but tons of other people are trying for the achievements and cosmetic items associated with this limited time event and can't do other activities.
In short, it's awesome and awful at the same time. I understand why it's not year round, but it's here for such a small time relative to how long it takes if you're learning it that it's hard to spend only a little bit of time on it.
And I'm looking forward to May, when I don't have this nagging feeling of guilt for not being able to enjoy or grind an event that impedes almost everything else I'm trying to do.