While playing today I got a new buff:

It is pretty clear it has something to do with the blog Debunking the cowspiracy.

But what does this event actually do?

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2 Answers

Update: With patch 2.3 it is now posible to open a portal to this area by placing a Bovine Bardiche in the Kanai's Cube.

There is a chance of running in to a special goblin like Cow called "Herald of the Queen".

If you have sound on you will hear mooing when you get close and a cow icon will show up on your mini map.

Killing this will open a portal to a place that dose not exist (zone name is "Not the cow level" when you get inside):

Inside you will find The Cow Queen:

And Ghost of the Cow King that will start an event:

The even rewards xp, gold and 4 cursed chests:

Other than this the area is full of cow mobs, dead farmers that drops some gold, a lot of chests and a lot of shrines.

Some of the health globes spawn as T-Bones:

The full map looked like his once I was done:

Buff did not change while inside the level.

I have run in to one two time, once in act 1 and once in act 4, both times in zones related to a bounty.

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Kill the cow with the loot that appears (i think) randomly. Kill it while it opens a portal to escape. Go through the portal to end up in the cow level.

After 2x a level with cows, I ended up in a sunny grassland with loads of rainbows, killing teddy bears, running flowers and unicorns... Not a lot of loot though...