I dont care much about reward either, im happy we got something new, this satchel hunt and the secret of Azeroth are amazing and maybe only reason logging in daily currently. The event itself is the reward for me.
Don't let this post confuse you, Velen won't be there if you have completed the quests in Shadowmoon Valley. The hollowed out tree is correct.
-sees Darkmoon Faire snapshot after being late to start these- "Noooooooooooooooooooooo =((((((((("-Actually reads post and sees its in SMV-"Oh."