I have been to both Medieval Times and the Pirate Dinner. I would never go to the Pirate Dinner again. I thought the food was disgusting. It really tasted like microwaved food. I was not impressed at all. My son, 13 at the time, really enjoyed it however. He did not care about the food at all. For him, it was that he was able to go onto the ship and participate in the show a couple of times. They pull audience members out and they get to do some things. He loved it. I loved taking pics of that though, so there was some value to me in that.
If the Pirate Dinner is something that you really want to experience, sign up for their emails. You will get discount offers frequently. I would not pay full price for that dinner. In fact, I got one today. Buy one, get one free, for shows through April 15.
I would pay full price for Medieval Times though (and have). The food is much better. The show keeps my attention much better as well.