The Lunar Festival is one of WoW's more fun and forgiving holidays, and this year it runs from Sunday, Jan. 22 until Sunday, Feb. 12. That's right, folks; you've got three weeks to get everything done, which is definitely a good thing if you're new to the holiday and unfamiliar with the amount of travel time it requires. The basics of the holiday involve talking to a number of elders to honor them, receiving Coins of Ancestry in return, and then using the coins to purchase holiday items. The To Honor One's Elders meta-achievement is also a requirement for What A Long, Strange Trip It's Been, so if you're still after a Violet Proto-Drake, make sure you get this done.
The Lunar Festival is definitely not one of Azeroth's more difficult holidays, but it's time-consuming if you're starting from scratch due to the number of NPCs you'll need to hunt down. However, it's also a good time to do World Explorer and Surveying the Damage for just that reason.