I found the event quest to be amusing. I liked the Menacing Bakers.

The Glorious has paid out better than previous years as I got an Earthbone Ayleid Armor Style piece every day thus far. (Depending on how long you are running the event and how lucky I got the payout might be too high)

It will be nice to not have to spam daily quests for rewards this year. Most previous years I ended up playing less after the events because I got sick of the game due to doing too many daily quests that I don't really like.

It's quite nice to be able to earn another mount via game play. I do not believe I have gotten a fragment for the Jubilee Steed in the three days I did event stuff. It is possible that this is because I unlocked it via buying tickets and the event did not want to give me duplicates.

You might want to sell the fragments after the event ends on the other npc so that players that are a few short don't end up being frustrated.

One of the noises the mount made when I first mount sounds maybe a little too much like microphone static.

The cake holding is amusing while riding the horse but, it might get old over time. (You might consider having a non-thrills version without the extra animations and sound another year)

I would note the Dubdil Alar Tower WB encounter still seems a little buggy as the NPC acts like the Boss died before it actually did and the fight doesn't actually drop Jubilee boxes.

The design of the rare drops might end up producing some annoyance as you may end up with more than 12 people fighting at the location which may cut the number of Jubilee boxes people get/prevent them from getting kill credit for bosses.

You might want to consider having the rare drops be permanent features that have a much lower drop rate outside of the event. The event might not be that fun for people if they spend most of it farming the same stuff over and over. People might strike a better balance of doing things if it was easier to get it in the event but available afterwards as well.