I attended last Friday, the 5:15pm seating, and I went solo. I had a lot of fun, and I agree that these are some of the best character meet experiences that you can have. (Cruella and Queen of Hearts particularly great!)
I will be honest and say that I didn't love the food, it didn't really meet my expectations based on the reviews I'd read. Most of it was fine, but nothing I can say "Oh, the _____ was really yummy!" I expected more from the Voodoo Sticky Pig Wings especially, but they were tough and kinda tasteless. (#voodoostickypigwings)
The drinks and desserts were well-themed and for the most part pretty tasty. FWIW, drinks were definitely on the weak side in terms of alcohol content.
The space is decorated really well! But the best part for me was the talented cast of characters! And I appreciated the audience participation portions of the show because they got people onto the dance floor. Otherwise the dance floor was mostly just tons of little kids running around most of the time. Maybe it's because it was the early show, but it seemed like a lot of people weren't feeling the "Club" aspect of Club Villain, which was a bit disappointing. (Also, someone seated at my table pointed out that the DJ was playing a lot of not-very-villainy music: Britney Spears, Taylor Swift, etc. It didn't bother me that much but it really bothered her!)
Overall I do think it's a very well-executed event, and if you are a villains fan and enjoy M&Gs this should be on your list. I also think the $129 ticket price is a relatively good value for a Disney event, especially when you compare this to dessert parties and the like.
Overall, I won't be rushing to do it again, but I had a good time and I'm happy I did it once.