The answer to the first part of the question is "yes".  There's a big article about it in the China Daily.  It will take place at the Windows of the World.  Read here for more, please:

http://www.chinadaily.com.cn/hqgj/jryw/2012-12-26/content_7866040.html

Re the Metro, the Longhua will be extended until 00h00 and additional trains will run on January 1, 2013.  Here's the bulletin from the Shenzhen Metro site (but in Chinese):

【平安夜及元旦运营服务延长】为方便乘客出行，2012年12月24日平安夜及2013年1月1日元旦当天，龙华线将延长运营服务时间至24时。节庆日当天，龙华线也将安排比平时多的备用列车，并密切留意客流的变化，确保大家有一个快乐祥和的节日。