The answer to this depends partially upon when you are planning to attend. If you are going to be there during the week containing Christmas or the week between Christmas and New Year, and you are going to try to see CP without the dining package, you should be prepared to wait in the standby line for a VERY long time to be near the front of the line. We went to CP last year on 12/26, and we had the dining package so we got in to the 6:45 show without a problem. However, there were so many people in the dining package line that they did not admit all that many people from the standby line. Many of the people in the standby line for the 6:45 show ended up staying in line for the 8:00 show.
Candlelight Processional is a real highlight of Epcot at the holidays and is worth waiting for IMO. Hope you enjoy it!