I'm sorry you had to cancel your trip this week, but I most frequently go in January and attended the festival last year. It was a big hit with me because I got all sorts of Figment merchandise. I always enjoy seeing him featured in the parks.
Last year the festival ran Fridays-Sundays in January and February. Looking at the information Disney has provided, it's a similar set up. Different arts were celebrated from food, to visual arts, to music. Expect Epcot to be crowded those days, but less so than say the Magic Kingdom. I enjoyed wandering around the booths set up around the lagoon, looking at the different types of art. I didn't necessarily buy anything other than some Disney merchandise (a bag and a tervis). I would have attended some of the free classes or even paid for one or two, but the culinary ones that interested on didn't fit with my schedule.
Here is a review of the 2017 festival.
It wasn't as well developed last year as some of the other festivals, so I wouldn't expect it to match Food and Wine in the slightest. I am hoping they add more content, because that would be a bigger draw for me.