I had been waiting for this day for years! The Holi Festival was A-M-A-Z-I-N-G! It is the most fun I've had in months! We arrived there at 3:30 because we didn't want to be super tired so that we could stay until the end. And it was worth it! The music was great, the people were great (although some where blind drunk) and the mood was spectacular!
I'd strongly recommed getting either a mask or bringing a bandana and put it in your mouth while in the general color throw, because the air gets really polluted and it can be really difficult to breathe. I always kept my glasses on for the same reason: I didn't want those little powder particles to get in my contact lenses. And be sure to bring tissues, trust me!