Favor of the Court

TL;DR - your choices here do not impact your character power and your decision here has no lasting consequences. Have fun!

This is the setup quest for the Saltheril's Soiree weekly event, asking you to commit to an invitation to Saltheril's party that week for a representative of one of the four factions of the Silvermoon Court. Whichever faction/representative you choose will impact your reputation with that faction, and others, either positively or negatively. All four factions will attend anyway, so the only real impact is the distribution of the reputation (important if you care about the cosmetic rewards), which NPC gives you the weekly event (only important for RP) and the form (not content) of the treasures you will see around Eversong this week (effectively also an RP choice).

If you came here because you're worried about the negative reputation - don't be! It is very easy to immediately earn back the lost rep with the tokens you receive. My advice - simply choose the reputation which gives you an extra token, since each token is the equivalent of 100 extra reputation with a faction of your choice; or if you don't enjoy doing this event, you can just pick the one whose rewards (which are all cosmetic) you like the most. Note that the rewards for the four sub-factions are priced in Brimming Arcana which you receive from your Saltheril's Favor turn-ins and sometimes Moxie, but not Voidlight Marl like the normal rep rewards.

If you are only here for your weekly - you do not need to do anything other than make a choice, turn in this quest, and complete Fortify the Runestones. The other quests and token turnins are exclusively for reputation (they also give arcana for your main quest, but you can group up and complete it with someone else who has it). You can complete the weekly on any runestone around Eversong, you do not need to use your own arcana, and you do not even have to be there for the whole event, just tag the final boss - I flew by the one near Runestone Falithas (in the middle between Goldenmist, Fairbreeze, and Suncrown Village) and saw another party doing it, joined them for the last boss, and received credit. Only a few runestones can be activated at a given time though, so if you drop down on one and wonder why it can't be activated (interacting will tell you that it is 'currently stable'), just go to a different one.

This quest will reward you with three [item=238987] tokens that you can use right after. In addition, inviting at least one specific guest (for me it was one last week, two this week) will award you with a fourth token. You can distribute each of these four tokens to the four representatives in any way you like - I did one to each, but based on the dialogue options I got, I believe you can give each of them as many tokens as you have. You do this by speaking with them and clicking the dialogue option, which will consume one token. This will unlock an extra quest with them, which will award you 100 reputation with their respective faction, as well as 25 Latent Arcana, 50 Brimming Arcana, and some gold (I also received 5 Adventurer Dawncrest when I turned in my first one). These are the NPCs you can speak with:

Ranger-Captain Dawnfletch from the Farstriders is next to the stairs, at /way 42.9 46.4
Magistrix Bloodflame from the Magisters is next to the large statue near the stairs, at /way 42.6 26.15
Knight-Lord Sunguard from the Blood Knights is next to another large statue, just across from Bloodflame, at /way 42.4 46.7
Vyrin the Supplier from the Shades of the Row is under a large tree, a bit away from the others, at /way 42.8 45.6

The quests you receive are very old school (gather 10 X, kill 10 Y, etc) and can be completed very easily. I did not get the same 4 quests this week as I did last week, so I suppose there is a little bit of variety in terms of the exact objectives. The Arcana rewards you receive can then be used for your 'real' weekly quest, which you will receive from the NPC that you chose to invite (the quest is called 'Fortify the Runestones: [Faction Name]'). Fortify the Runestones is the 'big weekly' associated with the Silvermoon Court and will award you 2000 Silvermoon Court reputation, an extra 300 reputation with the faction you received it from, 150 Brimming Arcana, 25 Latent Arcana, and a pinnacle cache (which may be rare instead of epic for you if you've already collected two this reset).

Turning in this quest will enable Latent Arcana treasures around Eversong. They will appear with a small blue icon on your map, like Ancient Mana in Suramar and will contain a small amount of Latent Arcana. Depending on which faction you choose, they will appear differently (as Ranger's Caches, Misplaced Tomes, Coalesced Light or Dead Drops) and presumably appear in different locations, but they're all over the zone so don't overthink it. I believe they may also be able to contain health potions and +1/+2 profession knowledge items such as Aged Cruor but I haven't seen it.

You also receive a bonus objective called Saltheril's Soiree which requires you to interact with a few (I believe 5) objects and/or NPCs around the area. This might be on a daily reset as I've received it multiple times per week. Here are some I've found:

/way 43 46.7 Unlit Lantern
/way 42.6 46.9 Farstrider Arrow
/way 42.9 46.3 Farstrider Arrow
/way 42.6 47.5 Marked Card (upstairs)
/way 42.5 47.4 Decorative Shield (upstairs)
/way 42.5 47.6 Talenia Flamesong (inside, downstairs)
/way 42.3 47.5 Runaway Tome (upstairs on balcony, but I've also seen them just under the balcony outside)
I was also able to take a wine glass (they're all over) and give it to an Irritated Noble (there's also a few of them) for 20% progress

The reputation loss from this quest cannot take you below 0/500 Interloper, so there is no consequence for choosing an option with a reputation penalty for a faction you haven't started working on yet.

Once you have reached Luminary rank with one of the factions, your reputation meter with that faction will lose its numerical counter, and you cannot be reduced below Luminary by any further reputation penalties.

Since the factions are always awarded or penalized in pairs, the clear optimal strategy is to focus on either Magisters + Blood Knights or Farstriders + Shades of the Row, keeping the pair you choose first balanced until you reach Luminary with both, before beginning to work on the other two.

Since I haven't found any other info on this elsewhere, I wanted to add, it *APPEARS* that you are capped at giving a max of 3 tokens to one faction. This week, I selected the Magisters, which gave me the base 3 tokens + 1 extra token. I completed their main Fortify the Runestones quest and gave them my 3 tokens, but didn't have an option to give them my 4th. Every other NPC has the option for me to give them the token, though. Really quite unfortunate to be this capped on rep per week :(