Technically, the Epiphany is a Holy Day of Obligation and Catholics must attend mass that day. However, most dioceses celebrate the Epiphany on whichever Sunday falls between January 2nd and January 8th, and therefore exempt their members from attending mass on the day itself.
In the East, especially Eastern Orthodox, the Epiphany celebrates the baptism of Jesus. In the Western tradition, the Epiphany celebrates the Adoration of the Magi. Epiphany actually marks the Nativity, not Christmas night.
You see, the Angels and the Shepherds (and the animals) were all present at or shortly after the birth of Christ. But remember that the Wise Men (Magi) saw a star in the sky and followed it. Therefore, they didn't get there until a few days (12) after the birth. When the Angels and the Shepherds (in their fields, as they lay) found out that the Messiah had been born--that's Christmas, the revelation of Christ to Isreal. When the Magi come around, they represent the Gentile world finding out for the first time that God has come to Earth in human form through his Son, Jesus Christ. Hence, Epiphany.
Now, there is a rich, rich history of different traditions for the Epiphany. It is, of course, a feast day, but it also was the traditional time to give gifts for a long time, as the Magi brought gifts to Christ on this day. In some modern interpretations, gifts are given both on Christmas and on the Epiphany, sometimes with one or the other being smaller gifts.
The traditions are rich and varied, just as with Christmas traditions, because this holiday has been around in one form or another since about AD 361. In many (mostly) European homes, doorways will be marked with 20+C+B+M+12. The letters represent the Magi: Caspar, Melchior, and Balthasar, as well as representing the phrase Christus mansionem benedicat, "May Christ bless this house." 20 and 12 for 2012, and '+' for the cross. Before widespread use of calendars, priests also used the Epiphany to announce the date of Easter for that year.
Now.. I highly recommend you do some reading on your own. I suggest the Wikipedia entry on the Epiphany. The number of different traditions are astounding and extremely interesting. In Bulgaria, a priest throws a cross into almost-frozen water for young men to race to retrieve. There are many feasts. There are King's Cakes and King's Breads in which something (a bean, e.g.) is baked. Whoever gets that piece is King or Queen for the day. In England, the Yule log is left burning through the Twelfth Night and the charcoal was collected on the Epiphany to save to light next year's log. It goes on. It's fascinating.
One of the most interesting to me was Ireland, where some call the Epiphany "Little Christmas" or "Women's Christmas." This was a day for the women, who have been working hard for 12 days of Christmas to prepare feasts and whatnot, to relax and have their own celebration. Their children might give them small gifts, and they would gather, women only, for a small afternoon meal or tea. Holly is also burned in the fireplace in Ireland on Epiphany, as it has been used for Christmas decoration but now is not needed.
Additionally, in Louisiana (and some other places) the Epiphany marks the beginning of the Carnival season, ending of course with Mardi Gras.
And in Wales, the Epiphany was the date for the Hunting of the Wren, in which young men would go into the countryside to capture (not kill) a wren, which would be placed in a decorated cage and carried from house to house.
Here are your other Saints and Feasts since my last post:
2 January - St. Gregory Nazianzen, St. Adelard, St. Basil the Great
3 January - Most Holy Name of Jesus
4 January - St. Elizabeth Ann Seton
5 January - St. John Neumann
6 January - St. Andre Bessette
Further reading (my sources):
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