That is about what we do. I may add the matching game someone posted a few days ago to my games center. I will put valentine craft materials out for the kids to make. That is about it. They get so wound on the juice and cupcakes that whatever else we do doesn't seem to matter!
I love the idea of sorting a box of candy hearts! We make decorate white paper lunch bags with hearts and stickers for the kids to put the Valentines in. We also make kissing fish out of one big and three medium hearts. A small heart is used for the lips. I hang them on the bulletin board kissing and the kids get a kick out of it. If you make them make sure to do some facing left and others right so that they can kiss.
I do a Valentine's Day Tea Party. The children wear their "fancy" clothes that day. We have heart shaped sandwiches, bananas and strawberries, mini cupcake, and juice/tea. I provide an easy art activity for the children and parents to do as the parents arrive. We also sing a few songs while my assistant cleans up the art supplies to get ready for the party food.