I tried the actual Fall Guys game, and it really pissed me off. More than a game should. I couldn't stand it beyond two, maybe three rounds. So, naturally, I hesitated before attempting this one. They carried the spirit of Fall Guys over to FFXIV quite well, minus the thing where you can bump into other people and knock them off. Thank the Twelve they took THAT out for FFXIV, or it'd have been an absolute godsdamned nightmare. Having said that, I don't like Fall Guys. I wanted to like Fall Guys, but I don't, and the only reason I am even giving FFXIV Fall Guys the time of day is because of the rewards. Much like the PvP--all I want is that slump emote, and that's the only reason I'm giving PvP the time of day. SE is good at luring people in with shiny prizes you can't get anywhere else.
Unpopular opinion here, but Fall Guys crossover was a parachute, SE knows interest in their game will plummet in the wake of the Hydaelyn-Zodiark era. The crossover screams of, "Quick, think of something! How do we hold onto our playerbase until Dawntrail, the next expansion we had the testicular fortitude to say, 'It's going to be better!'? Oh! How about we crossover with a really popular game? Let's throw a FF16 crossover in there, too, for good measure!"
To conclude my feedback, the Fall Guys event is good! ...for people who like Fall Guys. All I want is the rewards for enduring however godsdamned many runs of that incredibly vibrant, multicolored hell I can take.
EDIT: Oh, and I absolutely HATE!!! the fact that when you get eliminated, you're told you can leave, but then you're forced to wait until the conclusion of the round, look at a loading screen, watch an unskippable cutscene, and look at a black screen while the next round loads, BEFORE you can leave. It's like the game wants to shove your face in the fact that YOU, MY FRIEND, GOT ELIMINATED.