The TF2 Halloween update is pretty cool. The Horseless Headless Horseman is a great new game idea. Running in terror from a giant killer ghost isn't something I had expected to see in TF2, but it's lots of fun.
What I've really been enjoying is the new Art Pass Map. It is great for Engineers. Since the spawn doesn't move for either team, teleporters win the game. I don't like when the final control point is inches from RED team's spawn, it makes it far to easy for Demomen to hide in their spawn while maintaining stickies on the point.
I've never even seen the randomly spawning gift. The rewards aren't that great, so I don't really mind. There's no way I'd be able to summon up the 4 refined metal to craft any of the new Halloween items, so I'm not bothering to get any Haunted Metal.