The festival takes place over the long-weekend and is essentially a promotional event for all things Taiwan. The venue is the small area in front of Tokyo Tower where food vans sell Taiwanese delicacies and street food, and events take place on the main stage—lion dances and performances from pop artists, etc. Entrance is free, but the limited capacity of the venue can mean queuing for over three hours if you arrive in the early afternoon and the weather is good.
Event details are taken from official sources whenever possible. It is always prudent to check the official event website before attending to make sure that there have not been any changes. If you know of an error in the calendar, then please let me know through the contact form.