If you live anywhere in central NC, this festival would be well worth the trip! It is only one day, from 8:30 am to 6pm, and only downtown--yet it is HUGE and the entire length of downtown is crammed with art and craft booths, all kinds of food, and lots of excellent music of many kinds on several stages down main street. The place will be PACKED because this is a very well-known festival and counted one of the best in the South. I've been several times over the years and always love it.
Cool Festival Website!
I'd advise taking the shuttle service if you go, not trying to park downtown. It'll be like trying to park next to the gate at the State Fair--INSANE. There's information about parking & shuttles on the site.

Another interesting thing is, artist Bob Timberlake, who is from the area & has his original gallery located there in Lexington, has been having Open House at that gallery the same day as the festival for years, and he's there signing prints of his work. If you collect Bob Timberlake's art, that would be a great time to get some autographed prints!
Bob Timberlake Gallery site