I'm going to be an odd ball and say that sponsorship updates excite me the most.
Although, I'm only excited by very specific ones where I'm familiar with it. For example, the Madoka items, and the Project Runway sponsorship from a very long time ago surprised me and put a smile on my face.
I wish I could say otherwise, and sound less materialistic, but alas~
Event are cool and all, but they aren't fun for me. Just a reason to spend mind-numbing hours collecting something (eggs for example...) for an achievement.
Housing, I don't use it.
Manga, I barely read it.
@WH: I second the CS bundle! I've been waiting for one, it's been so long... Which is something we can rarely say around here.
I like gold shop updates, there's usually something I can use in them and even if I don't need something from them at that time they're still there for the same price when I do. RIG updates are nice too. I don't bother with the manga; I've never actually read it to be honest...
Item updates always make me happy, especially Gold Shop Garage Sale updates. I don't really get excited for CrosStich updates, though. They tend to be all similarly styled items that I won't use at all (sweets or animals). I also really enjoy RIG day and other Cash Shop updates, as well. Especially when items I like get recoloured or we get unique CS Bundles. Besides items, I get really excited for certain events, mostly the Summer and Halloween events, because they are usually the best in my opinion. That being said, Manga updates are usually 'meh' for me. The storyline started getting a little stale, but it was the lack of colour that really killed it for me. I still read it, just so I am not completely lost when I come into the GCD, but I usually find it boring and tedious.
I would love to see updates on these soon;
Recolour Bundle (with more likable items this time).
Seasonal Men's/Women's Collection
(we got a Fall one, but never got a Winter or Spring and it's going into Summer now).
My favorite updates are code updates; carbonphyber is my hero~! emotion_kirakira /supernerdy
I look forward to regular gold shop updates (excluding the salon and CrosStitch) most for item release. I used to be super-excited about each new set of MCs, too, but lately they've not really been appealing to me as much. Some RIGs have some items I get right away, but most of the time I just put the 4 or 5 things that interest me on my wishlist for later. I collect backgrounds, so I check those out when the new item list goes up. whee
I like getting sponsorships. We've received some interesting and very useful items from past sponsorships, and I like seeing Gaia partner with other businesses. I still use the Tsubasa items, the Detective Kit from the Nancy Drew movie sponsorship, the key from the Coraline sponsorship, and some of the book items that came from sponsors.
I enjoy most Gaia events, although I'm not that interested in making lots of posts for an event. I like to collect the event Achievements for their icons and titles, which I still update each time I change my avatar's outfit.