I love Valentines Day. My dad always came home with a piece of jewelry and candy for both my mom and I. DH and I always celebrate, either at home or at a restaurant.
When I taught 5th grade, I did a "grown up" Valentine's celebration, last period of the day. A couple of moms brought home made treats and we focused the friendship values espoused by the Responsive Classroom. It was a very diverse group and they appreciated that the pressure was off, in terms of cards, etc. It was a success.