The Mimic Hunt is pretty low key as far as events go, it's kind of an anti-event event. It's a good break thought, big events every week would take away from the uniqueness of the big ones like Crystal Cove and Night Revels.
As far as similar kinds of events in DDO like the DeGenev Brothers (mediocre light show, no loot) or the Festival of the Traveler (expensive Easter Egg hunt, uninspiring loot system) I think the Mimic event is superior.
Mimics popping up from chests every once in a while from random chests is just hilarious, especially high DC ones on guild ships! A guild raid on a guild ship, classic.
Nice stuff up for offer too, the event has some lasting power.
I tried farming a bit last time around and either its way too rich in DDO points or too grindy to make it worth it, the drop rate promotes just lots of normal play. If you really want to splurge on DDO points and get one of the items, well, power to you and thanks for doing your part keeping the lights on at SSG headquarters! O/