I don't know about this "festival"... it opened at noon, we got there around 1.30pm. There were no balloons anywhere! Plenty of food, a live band, lots of rides (if you wanted to pay $12 per kid for endless rides), and the odd parachuter and kite floating around the place.
We ran through the water 'park' and sat on our blanket in the shade to cool off and eat our potato chips. There was an Indian demonstration (blessing ceremony) which was pretty cool (Ethan asked if the old man was going to set the boy on fire when he waved the smoking stick around the kids body!!).
We shared some cotton-candy and a small cookie-dough Graeter's ice-cream while we wandered around looking for the action. We were hoping to do a tethered balloon ride and learn how to be balloon pilots. But no such luck--it all happens later tonight it seems. So we were there at the wrong time of the day, I guess.