At dinner Cinderella is in the lobby and I think maybe Fairy Godmother and maybe the mice do something in the dining area at dinner. I haven't been to that one for dinner in a few years, maybe someone who has been recently can answer exactly what the character entertainment is at lunch and dinner.
At breakfast there is full roster of princesses that rotate through the dining room.
I think one of the reasons it sells out so quickly for breakfast is the variety of princesses and the fact you can make an early ADR and get into the park early and then still have some nice time to ride rides when its early and not crowded.
As to if it its worth it, well that depends. Its really nice to eat in the castle and I sort of think everyone should do it at least once. But its very pricey and the food is not that spectacular. I am not sure I would use two credits if I was on the
DDP to eat there. When I ate there it was not as expensive and since they made the changes, I haven't been back. But I am glad that I got to go a couple of times back when my daughter was younger, it was truly a magical experience.
If you are looking for princesses and not necessarly being inside the famous Cinderella Castle, I might suggest the princess meal at Norway in Epcot. Princesses at all three meals, cheaper and while some people find the Norweigan fare they serve at lunch and dinner too strange, their breakfast is just standard American fare served family style. If Cinderella is your main emphasis, she has a dinner over at 1900 Park Fare at the Grand Floridian and generally Prince Charming, her step sisters and step mother are there with her for dinner (breakfast is not Cinderella at all for this one but rather Pooh and Alice). Its also cheaper but again, obviously not in the castle.
I agree with the above poster that you need to call at the 180 day mark to be safe if you decide to do this meal. Even though thats not a tremendoulsy busy time for your trip, this place always sells out all year long.