I agree that, since they say they want to continue to reward subscribers, they should have picked out at least one cool item and gave it out as a free gift (fireworks don't count, that's for the 1 year celebration). Other than that I don't really care, if people REALLY want some cheesy holiday fluff, knock yourself out.
I think what's upsetting people the most is that because of the item leaks earlier people just assumed there would be an event tied to Life Day, but there isn't, nor was it ever announced that there would be.
BW: But selling items on the cartel market is way easier than setting up a world event! You just need to recolor existing armor sets and put them on the market! No more need to design maps, quests, or fight mechanisms! We can release new content - oh wait, p2w gear - every week instead of every three months!