This event happens every couple months. This is a borg based event, where you'll be using your Vi'dar to collect borg style rewards. It is a three day event, with some events spanning the whole time and others lasting on 24 hours.
Day one of the event is relatively simple. You'll basically be killing borg probes, and depending on the level of your Vi'dar, you can finish it relatively quickly. There are two other events going on right now, but you should not be trying to participate in them yet, as they last three days and they involve killing armadas, which you will have to do on day three for a 24 hour event. So, you should save your directives till that event in order to take advantage of both at once.
You get a 24 hour recruit solo leaderboard here. This gives you a lot of armada directives to help you get ready for the next day, if you're planning on competing in the armada SLB coming up.
You have the probe killing SMS (Live Target Practice) again as well, so get out your Vi'dar and go kill some probes.
You also will have 2 pvp events, one with the Vi'dar and one with the Talios.
Here you can finally do borg armadas as there is an armada SMS to go with the ALB and SLB. For a guide on locations and how to crew for them, click here: Borg Armadas. There is also an event that will give you 10 mega cube directives if you spend 10 mega cube directives. Therefore, even if you can't beat the mega cube, you should still be doing it for points in the ALB.
There are many choices in the even store, so the question becomes what would be best to buy. This event is relatively rare, which means that certain items which are only available here are quite important. So firstly, if you don't have a Vi'dar yet, get blueprints. This ship has great rewards from its refinery and you want it as soon as possible. In order to best benefit your alliance and yourself, the mega cube directives give a lot of points in the ALB and will be returned to you from the Mega Cube Event. So probably get those first. Then maybe Locutus shards, Ghalenar, or Hugh as they will all make your life easier long run.