The occasion was, such as nearly all the early WoW events a festival that is much smaller than it is. Blizzard did a comprehensive rework on it a decade ago back in 2010 which saw it turn deeper into what we see wow gold about the contemporary servers and proceeded to tweak it to the way.
Nevertheless, you may want to forget all you know about the contemporary variant of the festival if you aren't familiar with how it works in Classic. Love Tokens are not currency, a quest is not, and you won't get exactly the collectibles and mounts. It stripped down, however, there's still loads of reasons!
Much of the vacation is based around giving Love Tokens to NPCs around the capital cities. To do so, you need to get the Love Tokens in the innkeeper, as well as some cologne or perfume. Cologne allows you to give Tokens to feminine NPCs, and perfume permits you to donate them into NPCs. The abomination guards at the Undercity, though, can be given presents irrespective of which you are wearing -- they just like that you smell pleasant.
In return, you'll be awarded Gifts and Pledges of Friendship, a small openable item that provides you a random collectible depending on what city you are in. Collecting enough of these lets you make a gift collection unique to that town. Collecting gift collections of three towns permits you to make your faction-specific gift collection, which you can then become a racial leader of your choosing (Thrall, Cairne and Sylvanas for Horde, and Magni, Tyrande, and Anduin for Alliance). Completing these presents also gives special buffs.
Turning these gift collections in serves as a vote for your hottest leader of your faction. Doing a kiss emote on Kwee causes him to give you an hour-long +200 HP buff, so he is worth keeping around! There are a few other activities happening as well, like the Dangerous Love quest line, which cheap classic gold rewards you with holiday-exclusive items. Make sure to get a move on if you intend to finish before the event ends on the 16th!