This event gives you a free permanent mount, that you can customize. Going by the patch notes, you don't have to do anything to get the mount, except accept the first quest. You'll get the default look, of course, but it will still turn permanent at the end of the event. I am not sure whether the mount can fly/soar/glide/doublejump or w/e. Anyone know?
The event also gives titles (which the Update Notes mislabel as Medals) which probably expire (the first one definitely does. The patch notes don't say that any of them expire...). The last title is +10all, +7att/m.att, which is pretty OP if perma. It's ridiculously easy to get. You need to get 100 "honey pots" seven times (seven different days). You have 14 days to do it.
You get honey pots by collecting honey drops, which are one per kill (of monsters in your level range). 10 drops per pot. So, kill 1000 monsters your level and you've done your daily title upgrade. (Not exactly, you also need to use the honey pots to decorate your mount, but that is easy).
"Decorating" the mount is done by choosing which of its body parts you want to change (antenna, head, body, wings). You get a random change. The "customization" is where you stop asking to change that part.
These are supposedly all the options: