Here's an article from the official Quest forums describing the Midsummer Fire Festival, currently going on from June 21 - July 5:


Midsummer Fire Festival

Ribbon polls give a 30fr buff.
Burning Blossoms gives you 3% crit to melee and spells for sixty minutes when thrown into a festival fire.

- The Festival of Fire - Alliance
Stormwind - (38,61) Right by the stockades.
Darnassus - (56,92) Rut'theran Village, before the flight master.
Ironforge - (64,25) Outside the Explorers League

- The Festival of Fire - Horde
Orgrimmar - (?,?) Valley of Wisdom next to Grommash Hold.
Thunder Bluff - (?,?) Southwest edge of Spirit Rise.
Undercity - (?,?) In the old Lordaeron Throne Room above the city.

Rewards: 10 Burning Blossoms and 10 Fiery Festival Brew

Go to each of the opposite factions capital flames, and you get a quest item. Handing all 3 in gives you the helm. - Anders
Quest is level 50+ http://img233.imageshack.us/img233/2695/crownoffestival1oj.jpg


- Flickering Flames in Eastern Kingdoms
Hillsbrad - (54,33) Broken tower between Southshore and Tarren Mill
Silverpine - (54,69) On the road between Ambermill and Pyrewood.
Westfall - (34,80) North east of the Westfall lighthouse.
Wetlands - (51,17) East of Dun Modr

Rewards: Buff Food, just like the valentines event

- Wild Fires in Eastern Kingdoms
Blasted Lands - (54,31) Where the three roads cross.
Plaguelands - (57,72) West side of Corrin's Crossing
Hinterlands - (62,53) Fork in the road south of skull rock
Searing Gorge - (32,73) Stairs before BRM entrance

Rewards: Mantle of the Fire Festival (white, no stats) and 10 Burning Blossoms
http://img215.imageshack.us/my.php?image=mantle7ye.gif

- Flickering Flames in Kalimdor
Ashenvale - (64,71) - By the bridge north of the battleground entrance.
Barrens - (59,39) - On the road west of ratchet.
Darkshore - (41,90) - On the road just before you cross into Ashenvale.
Stonetalon - (59,72) - The crossroad before Windshear Crag.

Rewards: Buff Food, just like the valentines event

- Wild Fires in Kalimdor
Winterspring - (30,43) West end near Donnava Snowden
Un'goro - (70,75) Bottom of the ramp when you enter from the tanaris side.
Silithus - (78,18) Next to Valor's Rest.
Azshara - (41,43) North of the Temple on the Ciff overlooking the beach

Rewards: Cinder Bracers (fire version of the Mechanical yeti, 3 charges) and 10 Burning Blossoms
http://img147.imageshack.us/my.php?image=cinder7sx.gif

- A Light in Dark Places
Dire Maul - Up the ramp after Slip'kik.
Stratholme - Live, right before you enter the scarlet building. Same area that Timmy the cruel spawns in.
Scholomance - The Viewing Room. Thats where all the netural human NPCs are.
Blackrock spire - LBRS, flame is located on the opposite corner of the Ogre pike pile after the spiders.

Rewards: Spirit of Summer Pet and 10 Burning Blossoms
http://img139.imageshack.us/my.php?image=spiritofsummer4sh.jpg
Yes, it's a red wisp.

OMG, why did I bother to get those damn shoulders?!

Not only do they make me look like a tard, they make me look like a tard that lit her pony tails on fire.

Because you want Smoopsie to hate you and follow you around like some perverse gnome fanatic.

I'll hold him down while you gnaw his nose off.