The in-game holiday Love Is In the Air begins Sunday, running February 7th (3:00 am server time) through February 21st (3:00 am server time) this year. Doing most of the achievements related to the holiday will reward you with the meta Fool for Love, the title "the Love Fool," and one more notch in the long trek toward What A Long, Strange Trip It's Been.
Love Is In the Air has been markedly changed for 2010; Blizzard's eliminated much of the painful RNG that drove players up a wall in 2009, and right now you can expect a rather cool and fun little holiday that's not entirely unlike Brewfest in its approach to achievements. You can do dailies and other quests for Love Tokens, and buy holiday items from vendors in addition to enjoying some stuff that's just for fun.
But you're here for the meta, right? We all know you want that drake. Before we get started, I would advise reading our FAQ article on Love Is In the Air if you're not already familiar with the holiday.