I was sorry to read that some people have given up on this event. For me it's been OK to do on both of my games, with the drop rate seeming reasonable. Much better than the last few events. The adventures have been a bonus but haven't counted for much in terms of numbers. Those golden compasses are really pretty and also pretty rare! So far I've not used gems aside from falling into a gem trap when doing a middle-of-the-night collection. Can't be careful when you are half asleep.
This event, the monster hunt and the mermaid story line have seemed to be big improvements. I'm really hoping that this is the start of a new trend!
My only slight worry is that I won't be around at the right times to do enough collections from Ivy, or that there will be a change and the green stones won't be a reliable drop from her. I've got 9 green stones to get on one game and 10 on the other.
Rock and tree chopping is a bit tedious now that I'm concentrating on it for the last two levels but I'm hoping another day or two will see me through collecting all I need from them. Then I'll go back to trying for shards for the cat, and I'm really looking forward to getting back to the mermaid story which has been pretty much neglected since this event started.