In real life, at least according to wikipedia, Cinco De Mayo "commemorates the Mexican army's unlikely defeat of French forces at the Battle of Puebla on May 5, 1862." In America it usually means tacos and tequila shots, and tourist versions of mariachi hats.
The Cinco De Mayo festivities at Jaguar, Le Bouchon and George's in the the Grove differ because they take the reality of the Mexican holiday and apply the tenets of historical veracity, the managements' demographic status, and the spirit of egalite and fraternite.
Above is an image from last year's festivities. This year, expect free flowing alcohol, Frenchies marching arm in arm with Mexicans, and historically costumed folk parading drunkenly down the street. The action is slated for 8 - 10 p.m. right around Cocowalk.