We did just a couple of weeks ago now. It was very nice. Expensive, but nice. You do pretty much need a reservation. You can call from home to make it (what we did), or inquire upon check-in. At AKV the desk is in the Jambo House lobby.
Evelyn was our photographer, and she did a fine job. The outdoor shots came out MUCH better than anything indoors. There were about 6 or 7 different locations, both in and out, that she guided us too and then grouped us by my family alone, with the folks, just the folks, the folks with the kids, and then just the kids at pretty much each location. We did also get several of the kids invidually. In total there were about 75 or 80 pics taken. Prior to going to WDW it my mom's idea to get a "good family picture", so I researched it and decided we'd try this out. And since it was her idea/request, she happily paid for it, so that was cool. With the
DVC discount it was $79 + tax, but we got the CD with all of the pics, plus we got to pick a package of prints (3 different ones to choose from) that we split evenly with my folks.
Now since I also have the copyright release by purchasing the CD, I can burn a copy of the CD for my mom as well. Evelyn also gave us the PhotoPass card that she used, and we can add them to the rest of our PhotoPass pics from around the parks when order that CD. With the exception of the few prints provided that morning - none of them can be manipulated on the CD we received. But by Evelyn giving me the PhotoPass card she used, I was able to import them into our online album of other pics taken in the parks and manipulate them by adding the various year or character logos to the pics that she took.
Personally I wouldn't pay for BOTH, but since my mom paid for one and I paid for one and we're going to both have copies of everything...it worked out just fine.