The Carnival Booth, as of this writing, gives you one click access to the Farm Cash sweepstakes, Fortune Wheel (the slot machine), Mystery Game and Raffle Booth. There are two additional slots within the Carnival Booth, marked with "Coming Soon," but further details about those contests or features are as-of-now unknown.
Ultimately, this Carnival Booth doesn't require any building materials to construct, but it also doesn't do anything revolutionary either. If you're looking for an easier way to access the Mystery Game instead of clicking on it in the store, or if you're tired of heading to the far-off corner of your farm to access your Raffle Booth tickets, you can now do both (and more) from this single booth, but don't expect anything free to come with just its release. Either way, we'll make sure to let you know when these two other features eventually launch in the game, so stay tuned!
Are you excited to see a Carnival Booth in FarmVille, or will you skip wasting your farm space on it? Sound off in the comments.