Mechanically speaking, I think his is the best event we've had.
Ignoring the (rightful, IMO) controversy over cameos, crossovers, and the battlepass. I think in terms of the gameplay mechanics, this event is the best one we've ever had.
The circus is a fun centerpiece to fight in with lots of goodies and a fun aesthetic, plus a great new enemy with interesting mechanics. And niw that the Shredder is nerfed, it's a fun and strong weapon but not super frustrating to fight anymore IME.
The way these pledge marks work is much more fun, harkening back to Serpent's Moon which, again, despite the bad battlepass was a fun event mechanically with the snakes to carry, deposit, and steal. I love killing a loaded up team and then taking my tokens to get some stuff at the circus.
The pacts are also very fun, with all 3 of them getting some good use out of me. Poltergeist in particular is a perk I am enjoying a LOT more than I thought I would.
The battlepass is kinda meh, a few good skins and I hope you like the letters P and M. The color schemes on those guns are good though. Black and gold may be cliche, but its cliche for a reason.