been there last year
it was an amazing madness

last year's programme of events during Las Fallas days
http://www.fallasfromvalencia.com/en/htm/programa.htm

Russev, you are going to organize the accommodation right?

Right. Just need some more details of your flight booking - exact arrive/depart - dates/hours,and are you both do have any special requirements about the basic conditions? Examples-check these: Option1:http://www.indigohostel.com/indigo.htm (already have booked just for myself, there are also private double rooms) Option2: http://www.apartamentoselpilar.com/reservas_en.php?aparta... (depends on how many people at least will take part in this event - need confirm. from Kamen&Co, and Krassen)

Let's go for the hostel, the flat has max of 4 people occupancy, 2 of which will have to sleep in the living room, doesn't work out that much cheaper and we risk getting stuck indoors playing PS3, instead of being out and about. Let's go for the Indigo, tried to book, e-mailed them directly got a response back telling me that it is too early and should contact them in December.