All the festivals could use a little help:
When I took my main 'toon to Frostbluff on the first day I was disappointed by three things:
1) My "The More the Merrier" deeds didn't reset (I did Tier 3 last year), thus no way to earn more gold tokens.
2) No new event/contest/game, except that I was able to do the rich vs. poor quests the other way, which I did.
3) The Globe was still running the same play.
So, I would suggest the following:
1) If a festival has tiered deeds, and a player has hit the top tier at last year's festival, then reset the deeds when the festival launches.
2) Add one new event/game/something to each festival each year. It is not enough just to add new cosmetics.
Festival in many regions...
It would be nice to see festivals held in regions other than the normal 3. Of which players would have to be a certain level to get there (unless you got a hunter :P ). The festivals could be based around the culture of the people that live there, such as the elves of lothlorien. Also the rewards could be based around what you would expect to find in those particular regions, and of course they would be exclusive to that festival. Finally, this way by having lots of festivals it doesn't get so boring as everything is not in the same place.
More Bounders type events
The Bounders tokens was an event not a festival but I liked the idea and you got a permanent statue in place. It also made the festivals and doing deeds more fun because you got tokens for the statue and the special prizes on offer. Would it be possible to have a similar event for the other races too. Something in Thorins Hall or Bree would be nice.