Okay, here's my feedback, boys and girls...
In the beginning, I really liked it for it's something new to me for participation. However, unless one is very lucky with getting a lot of lanterns via incidents this event is just the pits for the average player. When I say that I mean that you won't get the final upgrade kit for the building unless you spend some diamonds to get those extra jumps in to score the last upgrade offered in the cycle before it offers the level 1 building again. I didn't have enough diamonds to spend (spent the first 1995 for 1200 lanterns, 700 for the other set since I was under 1k of diamonds left) so I won't be getting that upgrade in reach. However, if I am skating on Silver for the next 6 hours (wishful thinking, huh?), I will be getting that piece (only if).
I probably play to get stuff for the live accounts, especially the baby or recovering cities, but I won't hold my breath as to the number of lanterns this event gives out, and I certainly won't spend for diamonds (if I need it so badly after getting them for free via other means) since Inno doesn't want to fix a bug that they kept maintaining it isn't one. Would I expect maxed out buildings on those live cities? It would depend on Inno if they can up the rewards (lanterns) to be on par with that or increase the frequency and amount (we can do better than 5 lanterns, for example) of incidents that give them out.