I didn't attend the 2007 fest but heard it was a big success when I was in PG last month. Will get bigger and more well known every year.
There are some fine new hotels and B&B's in PG as well - Hickatee Cottages, Coral House Inn, Beya Suites to name a few. Lodge at Big Falls, Machaca Hill Lodge & Cotton Tree Lodge are also nice (larger and more expensive). Photos coming soon.