That's cool.
My simple thought on GM Events are that:
1) They should involve some sort of point. Not just a dragon popping out of nowhere and is sitting in the Arena.
2) Items should be good enough to be a GM Event reward, but not something like 50 damage 20 delay UBER SLAYER SWORD OF UBERGEEKNESS
3) I don't think there should be an event every few days. I used to love events, but when on servers like Forever-Hacking they happened every day.. it just got retarded.