Choc, I think it can be both. I had a huge sleepover blowout for my girls, with a valentine's theme, since my daughter is homeschooled and would miss out on the school party. I handsewed a patchwork tablecloth with embroidered x's and o's and the like. We had heart shaped pizza, heart shaped freakin everything, pink milk, you get the picture. We did crafts and they ate tons of candy. It was a blast! They are all young enough to think it's about "love" in general as opposed to romantic love.
But, yeah, overall, it's a day for adults to celebrate their romantic love. And have hot monkey sex.
