A different city will be chosen to host this week long event, once a month from the 1st through the 7th. Qeynos, Freeport, New Halas, Kelethin, Gorowyn and Neriak will each get their chance to host their version of the event. Adventurers will find new quests, collections and rewards, many of which are city specific! And for those of us that don't want to wait for the festival to reach our city's gates, we don't have to. City Tokens are given as further reward for completing city adventure and tradeskill writs!
The Far Seas merchants aren't going to wheel entire caravans into the city and block up the streets, so they have set up their festival market area outside the city gates where possible. Each city will have their own local specialties for sale. It should be safe for players of any alignment to visit the festivals in all cities, although admittedly PvP players will find an additional level of hazard, but that will come from other players, not NPCs.
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