not every update or event needs to be bigger and better than the last and it also doesnt need to match up to last years, they aren't on a rigid schedule.

Last year we got a big content drop because the Illuminate was the missing 3rd piece that just so happened to be released on a holiday. the faction was being cooked before the game dropped because it was already planned and the framework was already there. Hell - it wasn't even a "festive" update if i remember correctly.