I think this is a great holiday and needs to be observed by more people.
For those out of the know, it is a holiday in Mexico that is part of Halloween but is a little different. While Halloween and November 1st are days to honor all departed souls in general (and little kids are honored on the 1st), November 2 is a day to pay your respects to specific family members and friends who have died in the past few years. It's supposed to be about honoring and celebrating the person rather than mourning that they're gone. People put up alters with candles, sweets, or the person's favorite things, or they'll put out an extra plate of food at the dinner table, or go visit the grave and leave flowers and food and pour some favorite beverage (usually alcohol-based) onto the person's grave. Sometimes the whole family will have a picnic at the gravesite.
But as for us non-Spanish Catholics, in this age I think it's a good holiday because it allows us to slow down and think back on lost loved ones and remember why those people were awesome, and for people who do believe it lets them feel closer to the deceased, like a reunion of sorts. It's like a very odd family reunion or Christmas party.
I didn't make an alter, but I did put up La Catrina at work (a famous symbol of dia de los muertos), and have been thinking about my Aunt Peg and John Grandpa. I think they'd both appreciate a nod on this holiday.