The Fiesta has many events, including mass ascensions, special shapes, and even special events and competitions.
What makes ballooning in Albuquerque so good? It's what's known as the Albuquerque box--predictable wind patterns that are great for ballooning. Below is a diagram of how the winds in the Albuquerque box work from Balloon Fiesta Park. The balloons rise and are taken south by southerly winds, then rise and are swept north in the higher altitude by northerly winds. When they drop in altitude, they are caught by the southerly winds again which bring them back to the park.
|Pic from Wikipedia|
Of course, things don't always go so neatly, so each balloon has pilots and crew. This includes people to keep track of and chase the balloons down and help load them back up after landing.
If you visit, going up in a balloon can be quite expensive (during the Fiesta they're more expensive and run about $300 per person, give or take) but it might be worth it if it's on your bucket list!
Otherwise, enjoy the festival and the colorful balloons.