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Midsummer in World of Warcraft is a celebration of the real life midsummer season with copious amounts of bonfires and fireworks. It is full of dancing, fires, questing, and a bit of warfare. A brewing war between the frost and fire elemental is brewing, and bragging rights on who has the best bond fire between the Horde and the Alliance is causing lots of unsportsmanlike like conduct - mostly stories of bonfire tampering.
Midsummer Quests
There are few quests available since this event centers on most visiting the various bonfires everywhere. The only ones of note are of the small chain that leads to fighting Ahune the frost lord, striking against an agent of the frost lord in Draenor (Outlands) and torch catching. All three are repeatable as daily quests.
Ahune is an optional boss that drops decent loot, but he's most notable as killing him drops a neat but rare pet and an achievement. The torch catching is a test in patience as you must catch a torch a good number of times without dropping it. Following the dot on the ground that appears and standing underneath as well as hot keying the torches in your bag to your ui will make this way easier.
Keep in mind there's another achievement where you must juggle 40 torches in Dalaran within 15 seconds. If you hug a tight corner wall while doing this, the torch will bounce back towards your direction making this achievement doable. Even if you fail and drop a torch, always run and pick it up or you'll lose the torch!
The Midsummer bonfires
Finding the bonfires are as simple as flying out on all available flight paths. Most of the bonfires are near them. Also most enemy cities, towns and encampments are at time to the opposite direction of your so their bond fire is just as close.
The bonfires count as quests and reward experience points or gold if you are at level cap. This means that you not only gain burning blossoms but a bunch of experience/gold! I had actually leveled a few not level capped alts this way in flying around to each location. My capped out characters made a decent gold haul since each quest rewards 12g for opposing faction fires and 6g for faction ones.
But the big city bonfires net a different reward: bragging rights.
Capital City Mayhem
Extinguishing the enemy capital's flames is a test in speed, patience and simply enduring. It's not so much bonfire itself is hard, it's getting to it that is. Depending on how populated the server is, those bonfires are well guarded usually by opposing faction players. And since walking into a home city automatically flags you, non PvP players will experience the same frustration.
Either make an opposite faction character to scout out the major cities or at least study their maps. This is suggested as some of those city bonfires are hard to find, as they are tucked away into rather inconvenient areas. It really sucks to be not only lost in a strange city, but to also be concerned with guards and players hunting you down. Stealth classes have a bit of an advantage; keep in mind the fire will pop you out of stealth (and that certain guards see through it).
Better yet, wait till the later less populated player times on a server. The less being held up by your friendly enemy players the better. Though I've noticed that if you run in either naked or in a silly outfit, some players tend to leave you alone.