With this p99 crowd this event wouldn't last more than a week, if that much.
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My bet is the first block would be lifted in less than 24 hours. Don't think new players would suffer that much. They even could enjoy the dash for first kills with their brand new main characters.
If there were high levels present, this event would be ruined in my opinion. Logging in high level characters during this event would have to be a big no-no.