[rant] Seeing as I haven't been on Ultima very long (about 5 months), I think the valentine's event has been the best-implemented event since the triforce event (I was but a wee lad at the time of it). The drops are decently difficult (except rose on every ID for deldepths and arlans), but I've seen newer players ACTUALLY getting things like Glide v00, SoV, Lindcray, and the combination things. Which, is unlike the previous events, in my opinion.
The Halloween event, in particular, I found to be extremely difficult for lower level/new players. Buffed belras and all that jazz. I may be bias because I mostly play huney, and had no demon weapon at the time; but, nonetheless, (Please insert reworded first sentence of this "paragraph" [if I may call it as such] because, I lost my train of thought and hope I'm truly triggering someone with this run-on sentence that I hope is correctly punctuated) [/rant]
I'm gonna add some formatting to this when I get bored tomorrow night >:3