This year the Eat.Sleep.Knit Yarnathon theme is Candyland. I am on the Gumblebee team. This year they have gone back to quarterly KALs plus a year long colorwork project. There also are badges that you can earn to win more prizes/yardage.
Even though I resolved to not buy (much) yarn this year, I lasted until January 6. Not only did I place one order that day, but I placed TWO orders because the exclusive Blue Moon Fiber Arts colorways were posted later in the day.
If you haven't checked out the Eat.Sleep.Knit yarnathon yet, go here and join in the fun. If you're on Ravelry, check out the group forum. Each team has a thread, plus many others to help you choose a pattern or choose yarn for KAL or badge, answer FAQs, or just "hang out" to knit and chat.