As a game founder, it's interesting to me that they say GMs and Founders will "host". To me that sounds like it's for everyone. But if it only takes place on Tortuga beach it also sounds like a lag carnival to me.
Chris is right...as with every special event we'll just have to wait and see.
As for the gold name and coin next to it, I never think about it until someone asks me what it's for. It certainly doesn't keep me out of jail when my mind wanders while in battle -
But then, I'm easily distracted by shiny objects.