The Great Banquet

When you hand in the quest and get the follow up to talk to High Elder Cloudfall, he also appears up in the tower right in front of you. Don't go there. Go to the banquet grounds as described by Lastkaii in the above:

run down the stairs you just came up and go up the second set of stairs on your right. Run straight ahead to find High Elder Cloudfall

When you first talk to High Elder Cloudfall, you will have two options: To be introduced to several NPCs, or just skip right to the fun part. It is highly advisable to watch the introductions, they can be quite hilarious. If you ask him to introduce you, the following happens:

High Elder Cloudfall says: Let us start with the three who sit behind me.
High Elder Cloudfall says: Before you sits Instructor Myang. She will be responsible for teaching you the most practical fighting techniques.
High Elder Cloudfall says: It is said that, before she joined the monastery, Myang defeated one hundred ravaging hozen in a single melee.
Instructor Myang says: You flatter me, High Elder. Those hozen were weak, young, and unskilled. Any other pandaren would have done the same.
High Elder Cloudfall says: Flatter you? You were eight years old.
Instructor Myang says: ...and a half. Sir.

Instructor Myang blushes and High Elder Cloudfall gives out a hearty chuckle. They then bow to each other.

High Elder Cloudfall says: Next, we have Master Stone Fist. He will be leading your sparring exercises.
High Elder Cloudfall says: Master Stone Fist is nearly unmatched in single combat. He once defeated nine hundred and ninety-nine challengers in a row.
Master Stone Fist says: The thousandth challenger cheated.
High Elder Cloudfall yells: What? Cheated!

High Elder Cloudfall jumps onto Master Stone Fist's table and punches Master Stone Fist.

High Elder Cloudfall yells: I never cheat!

High Elder Cloudfall steps off the table, bows to Master Stone Fist, and then and introduces you to the NPC next to Master Stone Fist.

High Elder Cloudfall says: Finally, Instructor Xann. His mastery of the very basics of combat has given him a nearly perfect fighting form.
High Elder Cloudfall says: Xann, how many practice strikes do your students perform daily?
Instructor Xann says: Ten thousand strikes, every day.
High Elder Cloudfall says: And how many do YOU perform?
Instructor Xann smiles.
Instructor Xann says: Ten thousand and one.
High Elder Cloudfall says: Luckily, High Elders no longer have to perform basic training. I find that I am happier when I am not exercising.
High Elder Cloudfall says: Walk and drink with me, <name>.

He then leads you down to one of the tables where there is a big grey pandaren male walking up and down on it topless.

High Elder Cloudfall says: Ah! Upon this table, you see Spirit-Sage Gaoquan, the oldest member of our monastery.
High Elder Cloudfall says: He has seen many high elders come and go. He also tends to take these celebrations very seriously.

High Elder Cloudfall then leads you down the banquet, pointing out various NPCs sitting on the tables, especially the Hozen and Jinyu.

High Elder Cloudfall says: You may have noticed the hozen and jinyu among us. All are welcome here at the monastery, as long as they have the desire to learn.

Lastly, he leads you to a NPC on the ground, obviously drunk.

High Elder Cloudfall says: Finally, this is Groundskeeper Wu.
High Elder Cloudfall yells: WU!
Groundskeeper Wu says: Ye... yes, high <hic> elder?
High Elder Cloudfall says: Wu, this is <name>. He/she will be joining the other trainees.
Groundskeeper Wu says: Oh... <hic>... hello... <name>sszzhhhh...
High Elder Cloudfall says: Wu will be asking you to perform a few chores. Nothing complex, just some tasks relating to the maintenance of our monastery.

High Elder Cloudfall starts walking back to the spot where he originally was in the front of the banquet with a few more notes.

High Elder Cloudfall says: We are all responsible for maintaining our home. Even the Higher Elder must occasionally lend a hand.
High Elder Cloudfall says: See? I'm helping by picking up this full mug of ale that someone left on the ground.
High Elder Cloudfall says: Now you are caught up. And would you look at that? My cup is full again! It is good to be the High Elder.

The introduction is quite lengthy in the minute+ range. If you don't care for it chose "I don't need any introductions, old man. Let's skip ahead to the good part." He then asks you if you are certain, and the quest is completed.