Share 'Blog Hops and Special Events - What are Your Favorites? - Are they worth the effort? Love em' or hate em'?'

Most blog owners love to participate in a few yearly Hops or Special Events. Please share you thoughts on any of the points below. Can you tell us the top events you look forward to each year? What makes these stand out for you? How does your blog benefit? Would you rather host or just participate in such events? How would you score the effort verses reward factor of hosting such events? As a pa…