Absolutely!! A highlight of a recent trip with grandsons, 3 1/2 and 6. Wishes was at 10, we met at the Contemporary at 8:45. Back at the dock about 10.30 or 10:40.
Here is a good thread on it.
http://www.disboards.com/showthread.php?t=2199704
Absolutely worth it. The pre-cruise party at CR is a great time. Afterward, we were on a boat with Patch and he was great. The view of the fireworks was neat as it was a totally different perspective. Our kids were 9 and 11 when we did it and they loved it. Not as private as renting a boat on your own, but that should be expected. Just a great time overall.
I just booked it today for our Thanksgiving trip. Our son is turning 3 while we are there and LOVES Capt. Hook. From everything I have read it seems like it is worth the money. I hope he is able to stay awake- thats my only concern!!