Occurs Every two years.
You get a tabard, win or lose, just for entering any battle.
You get a Chinese dragon non-combat pet, if you win. And the chance is random. You can boost your chances of the pet drop by actually wearing the tabard while in the battleground.
They come in the mail immediately upon exit of the BG, so you'll see your minimap icon appear.
Gives you a reason to farm honor, at least, and get your Ally or Horde trink.
Double honor if you go on the holiday weekend of the particular BG you're queing for.
BGs are level-based. EotS is really really really fun, of all of them, and you can enter it pre-70, which I had previously assumed you could not. No AV at 30. ^.^