The balloon fest is at an elementary school and you can walk right up to the balloons and many will allow you to help them set up the balloons and prepare them for launch. You can feel the heat from the burners even if you are 50' away. When the balloons launched, they would go directly overhead and you could easily see up into the center of the balloon.
Besides the balloon launch, there was an artist doing an ice sculpture of palm trees and food stands outside (for such things as kettle corn and deep fried cheese curds--just like the state fair, only colder). Inside the school were some more food booths (cupcakes, snacks and drinks), along with a craft fair. This was a nice area to warm up in, even if you weren't buying anything.
After an early dinner, we came back for the evening moon glow and field of fire. There were 9 balloons that inflated and set up, and another 20 to 30 that set their burners up on their baskets to ignite. There was a short ceremony for the POW/MIA's, then ongoing firing of the burners on the balloons (moon glow) or just the burners on the baskets surrounding the balloons (field of fire). One of the baskets had added wings and a dragon head on top of the burner, which created a fire breathing dragon.
We would also like to make it down the big balloon festival in Albuquerque some year, which has more balloons and warmer temperatures.