On Xmas day, it’s a chance to get some cool companion pets (which, if you stockpile them!, can generate some gold throughout the year). Blizzard has changed them now too so that they don’t require snowballs, not to mention some of them can’t be called outside of the event; and the Winter Reindeer is a plain reindeer outside of the event!!

From what I remember, small eggs sell really well at this time too (to make egg nog for one of the achievements/quests).

It should start around the 15th December, so time to get ready!

A chance to get some achievement points, a cool companion pet, and a title!

Also, the biggest boon from this World Event is that you can quite easily (and cheaply!!) level your cooking skill up to 300 with a bit of travelling (or portal-ing for mages!).

As with Fishing, Cooking is a secondary skill that doesn’t have level requirements for getting to max level

As with most things, Dugi has it covered here: http://www.ultimatewowguide.com/blog/2011/11/pilgrims-bounty-guide/

There are plenty of other guides out there, but I love Dugi’s guides (my personal preference).

You’ll get a “tabard” spell in the post that you can re-apply for the duration for 7% reputation and experience. It lasts for an hour and judging on various reports from around the web, it doesn’t stack with the equivalent guild perks so if you happen to be in a low level guild you should be ok. As it boosts rep-gain, now is a good time to get some of your rep bars up closer to exalted (for all you OverAchievers!!)