We have gone the past 3 years and really enjoyed it, but I am worried about it this year since Toontown is closed and gone. I'm worried that the crowding is going to be miserable. We lost Mickey's Twas the Night before Christmas show in Tommorowland after the 2008 season. That show was fantastic and a big draw and kept a decent sized crowd occupied for a significant period of time In 2008 we went to the first show and were let in a hour before the show started and the auditorium (now torn down which is why the show left) was full within 5 minutes. To put it in perspective, last year on a sold out night we walked up to the "replacement" show mid show and were able to move as close to the stage as we wanted- it was wide open space. Clearly, the new show is not a big draw. (In fact, we watched a few minutes and left as DD (5), who usually loves shows- i.e. I have lost count of how many times we have watched Dream Along with Mickey but I'm pretty sure it is double digits- wasn't impressed.) So we had already lost one attractrion that kept at least part of the MVMCP crowd occupied for a time, and now we are losing a whole section of the park that based on my experience drew in a significant portion of the MVMCP crowd and keep them occupied for a decent amount of time.
We (and many other people in our experience) have always spent a good deal of time in Toontown during MVMCP. Mickey and Minnie were there in their holiday clothes for pictures, and until last year when they posed together, that involved a separate line for each of them. Cinderella, Sleeping Beauty and Snow White were there with their Princes for a meet and greet (the Princes are what make it unusual and a big MVMCP draw); and the Fairies were there usually with a shorter line than during the day. With Toontown gone, a whole section of the park with popular MVMCP lines that kept a significant number of people occupied is now gone. The fairies have currently left MK. Further, Mickey and Minnie and the Princesses have moved to Main Street which is traditionally a congested disaster during MVMCP. So, you have now added all the people that normally are in Toontown and off Main Street seeing Mickey, Minnie and the Princesses, to the already horribly congested and miserable MVMCP Main Street. We really don't want to skip MVMCP as we usually like it, but we are a little worried about whether it will be worth the cost, or whether we will be sorry we went if we go this year.
The parade is adorable, the castle show is cute, and it is fun taking pictures with the characters in some holiday or different wear (We loved Aladdin as Prince Ali!). If you are going for the rides, the lines are not usually that long. The Cookies and hot chocolate lines are usually not that long either. The dance parties can be fun, but the best one for us was the one with Cinderella's step mother and step sisters which they got rid of when Ariel's Grotto area was closed down for the expansion.