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This is a surprisingly large question that would likely play a small but important role.

First off, what year is it, and what is that number based off, are there highly expressed seasons like on earth or does this planet have a much more subdued axis angle that makes the climate much more stable over the year and the cycles around the sun all but unnoticeable? If so a 'year' would have to be judged on something entirely different, such as the moon which travels an orbit roughly 50 degrees from parallel to the equator. Such a pronounced angle of orbit might cause it to travel around the world, crossing just to the side of where it did the night before. In which case some unit of time could be based off how far across the sky it is.

In the matter of how many of these units have passed it's fairly obvious that plenty of time has passed, man had enough time to collect in the harsh archipelagos, take over the jungle, and raise a ruthless empire that then fell, and all that happened long ago in the times of our ancestors. There has to be a 'year 0', in the real world we use the supposed date of Jesus' birth, likely this world will also use a major event such as the rise/fall of some empire or major force, maybe an Ace. As the Cetan were a very intellectual race I wouldn't be at all surprised if they devised the system, and it's currently counting up from something that happened in their society.

Next, the day, ours is 24 hours, since we're all used to working on about that length of time we should keep it about that, and there's not much else to mess with regarding it but I might have overlooked something.

Between the day and the year is the minor and major grouping of days, AKA the week and the month, if the year is based off the moons movement across the sky a month would be major fractions of the sky, such as quarters or eights, and weeks would be minor devisions that are easier to plan with, we kinda have to give a number of days to a year before we can make up those two.

Less than a day is the hour, minute, and second, a day might be about 24 of our hours long but that doesn't mean this world has to use the same sized units, just a different amount, and if that varies so does the minutes and seconds.

I think it would be appropriate to make up our own words for the time units, but things like 'cycle' are just lame.

If this should travel paralell to our timeline, the next major event I can think of is the Spring Festivals (the time when everyone celebrates the end of winter and fertility and junk, like May Day, only when spring starts, not as it is ending).

I am going to throw a festival out there that I have used in a game before.
Bludgeoning day!

This is a festival made by the locals to celebrate a good harvest.
Years and years ago the town was ravaged by a scourge of goblin like creatures. They where small tricky and smelly. The creatures would inhabit the gardens and farms at night and do mischievous things to the peoples barns and houses. Worst of all the creatures would steal all of the peoples food. One day a group of hearty farmers had enough. They garbed what ever was avalible and waited at night to ward off the creatures. The farmers dressed like scare crows so the gobblins would not recognize something was up.
To every ones surprise this was a great success! The goblins never returned out of fear to get beaten up by magical scarecrows.

Now the towns people dress up in padded goblin out fits and cause mischief. While the more sturdy farmers dress up like scare crows. The town is decked out is scarecrow and goblin decorations.

After every night the farmer who can protect his house the best from the mischief makers gets a prize from the mayor. There are other prizes that go to the one who can beat the most goblins and so on. It is a very fun and glorius tradition. You should try it some time. Hehehe. ( if only it was real right.)

sounds like a lot of fun, now we just need to put goblin like monsters on the list, it probably wouldn't be a very wide spread tradition though.

It's our fantasy world so I would like to see us use the festivals to explain some interesting phenomena in it. Things in our world that does not exist in the real world would be more excepted as norm with a festival or what have you. Jikial has a point the most mundane things like winter and spring are often celebrated. Could you imagine what other mundane things we can make celebrations for? Like I don't know toads, rocks and rain clouds. I do recall that the desert people have a wind harvest festival, let us not forget that. I would think there would be many cool wind instruments and such at play doing that.

the only race that could have possibly existed at the time of the comet would be the teroa, and even that I would doubt, compared to our time line it would have been around the time of the dinosaurs, even before. Since it was that impact that cause the formation of all three continents and the archipelagos, so in the time since all land based life has evolved, must'a been several times the distance between now and the dinosaurs actually.

Though it may be too much, Lily has informed me that there is lucinite on the moon, causing it to glow at night (when the phases make it darker). In that, less civilized cultures should have a New Moon Festival, celebrating the time when the sun no longer brightens the moon, and the lucinite glows within.

However that wouldn't be a world event, just something for adventurers to stumble on from time to time.

A few events I can think of is;

Harvest Festivals
Appeasing the Seas (during the summer months, when weather will is the worst.)
Full and New Moon celebrations.
The Passing of Winter.
All Hallow's.


My only thoughts to further this is to look up some pegan and druidic celebrations, not only are those fun, but they allude to the time period we seem to be in.

http://en.wikipedia.org/wiki/All_Saints
http://en.wikipedia.org/wiki/Halloween

Completely forgetting that All Hallow's covers a forgotten but mostly important pagan holiday, All Hallow's was meant to be a christian celebration in honour of the saints.

All Hallow's Eve is a midnight vigil, also in honour of the saints.

As this planet has no religion (or at least none that I've seen) the saints could be replaced with heros, or anyone the populace wishes to honour at all.

It would be merry and similar to thanksgiving (infact, I think that's probably what the real origin of thanksgiving might have been, the American Christians celebrating All Hallow's a little too late).

In terms of the dead festivals (El Dia de los Muertos), it depends on the cultural background of the race or area in question. These festivals are meant to honour and respect the ancestors of those that are now, much as though everyone was a hero.

Personally I don't really like the dead festivals, though they can be generally fun, they're not meant to be scary like everyone makes them out to be.

However if you look at the pegan holiday behind Christmas, it was held to keep the demons of winter out of house, home, and crop.

It'd be a fun twist on the regular holidays to be celebrating evil on Christmas, but that just may be pushing it.