I was in this yesterday-not as a participant-I just didn't want to leave the channel and I didn't really have any problems.
I retreated to town and worked on some crafting and then went fishing. I noticed a lot of people fishing and taking their carts out (full of wares) for trading. No one seemed to have any problems
The biggest issue, IMO, is that all the monsters disappear so if you are grinding or trying complete kill quests you are pretty much hosed until the event is over-though last nights didn't seem to last that long.