You can funnel with the crowds to the "hot spots" and fight for a table OR try restaurants like Delima (Indonesian) China Noodle Restaurant (handmade noodles) and Wagaya (Japanese) for awesome noms
dixon street has a lot of the cheapest and yet biggest range of asian eats, a bit dirty looking but if your after cheap this is the place to be, eating world and dixon food court
Check out the Chinese youth league social club on 10 dixon street during jan/feb. they practice dragon, lion and cultural dance for chinese new year from around 6pm onwards most days