The Darkmoon Faire's been almost completely revamped for 4.3, and now during the first week in every month--on the PTR, and on Live servers when it goes live--you can visit the Darkmoon ISLAND (yes, it has its own island now) to complete carny side-quests and play carny games ("Whack-a-Gnoll", for example) for prize tickets to exchange for a variety of fun stuff including new pets, mounts and vanity/legacy armor pieces (for the transmogrify system).
I was just on and it REALLY feels like an actual faire now. There are torch jugglers, fire-eaters, a menagerie of animals, 5 different games, a deathmatch arena, etc. etc. along with a few things that look like they haven't fully been implemented yet (one tent has a sign in front that states "Under Construction"). There are daily quests, monthly quests and a Darkmoon Guide that you keep in your inventory to collect Darkmoon Artifacts while you're out in dungeons, battlegrounds or raids to turn in.
From what I've seen, the quests also give you reputation towards DMF's faction. (Sorry, Dur.)
To read up on it, head to MMO-Champion's post here (http://www.mmo-champion.com/content/2543-Patch-4.3-The-New-Darkmoon-Faire-is-on-Test-Realms!). I'm really looking forward to 4.3 now. :)
you young whippersnappers! I remember when I was a youngun, getting Darkmoon Faire rep was an uphill grind... both ways!
I don't think I've ever been to the fair..... ever lol
As an update, it seems likely that this patch will be going live November 29th.
Sounds like fun, especially when i only need three more pets to 150:)