It's a big fun festival in a beautiful place, with a lot of stuff(s) to do and watch. It's not just for runners and mountain bikers (festival highlights), but anyone feeling like getting out of Kathmandu for a day or night (under the stars - camping is easy). There's a lot of bands
Here are some of the things happening there, listed in order of importance:
face painting, paintball, hit the pot, pony ride, big bouncy house, trampoline, big bubble, magic show, a clown clowning, horizontal bungy, mini zip line, slack line, active learning activity games, bouldering dyno competition, climbing wall competition, maybe some morning yoga, spa/massage, trail running, all kinds of mountain biking, food stalls, spa, bands making music: joint family international, oja, a couple of international djs will come, Manda, OTHERS, Ogga chakka from France....
Accommodation: yes, camping or tenting - tents are available. You can also come for the day
Food: yes, food stalls, rice will be there.
Transport: some, more details next week.
Here's a video which shows you what it is all like.