OK, my opinion will probably differ from the rest of the board, but here it is. We did the party in 2004 on Nov. 30, which was a Thurs. We were at MK the day prior and went to the party about 4:00 after spending the day at Epcot. We accomplished SO much more at MK the day before the party! During the party we were going to see the Twas the Night Before Christmas show 1st, but by the time we got to the theatre there were no seats left. This was an hour before the showtime. So we decided to go to a later show. When we came back 1 1/2 hours before the next show we got a seat in the last row. I would never do that again!! Plus, our DD7 had to sit on our laps, there was no room for her.
The night we were there, the weather was perfect and still 80 degrees all night, needless to say we didn't reallly want hot chocolate, but we tried some (WAY TOO HOT!!) DD couldn't even drink it.
We did see some characters, but the lines were fairly long for them. Some were 20 min. We rode BTMRR twice without having to get off, but then all of a sudden there was a 15 minute wait, don't know where that crowd came from.
As for the parades, we watched the 2nd one, but had to stake out a spot an hour ahead of time. Then at the last second we get shoved over and crammed in by latecomers.

That makes me SO mad!! But it was happening alot that night.
So overall, there was alot of standing in line and staking out a seat VERY early! There were WAY more people than I was expecting. We did so much more the day before, and didn't do too much at the party. For the money, it was NOT worth it for us. The party was the most crowded we had seen the parks all week.
We are going to WDW the same time this year and are NOT going to
MVMCP!