A new hunt started about an hour ago; this one organized by Seraphim. You are looking for a small read heart (with awful LODs so think triangle from a distance). There are hints on the hunt page as well as shots of the prizes. So you can skip items that will not work for you.
Some prizes are easy to find, others more difficult.
Here are just a few of the items available.
=DeLa*= Mesh Hair "Mabelle" with texture hud
[Glitzz] Lexi Lingerie - Black
Seraphim Valentines Trophy with four poses