Look at your competition! Other games have legitimate holiday events. We get things to BUY. Other games celebrate their first year with aplomb. You gave out fireworks.
City of Heroes had an awesome Christmas event. For 3 or 4 weeks, there were Giant Snowmen monster attacks throughout the city, Christmas presents that you could open that gave you enhancements and powerups (or baby giant snowmen monsters to fight with you) or coal, and eventually there was a ski lodge where the physics of the game were messed with so you could slide down a course and try and earn gold, silver and bronze medals (that earned you costumes and a Christmas themed rocket pack).
Now mind you, this was built up over several years - the ski lodge didn't show up until year 3, I think - but even year one had the presents. I was so crushingly disappointed when Star Wars failed to do a damn thing for Christmas. Only goes to show what a half-assed job these guys are doing.