Hello! We did it last year (I'm the director but I also have 2 daughters who participated). It was fun. I'd do it again.
As far as comment about the shoes...it wasn't the studio's that ordered them (heels vs sneakers)...the company planning the event designed the costumes and the shoes. Apparently the ruby heels (character dance shoes) were the tradition. They've always done the Ease On Down the Road dance I guess. I was told that this next year would be a different theme, but that the ruby slippers would remain because it's the tradition. We are told to order them well in advance. We received ours a couple months before so while we didn't- we could have practiced in them more than we did.
The options were this.... dance in the parade (we were in the a.m. one but there were two total). Then the option to add a performance on a stage at DHS. Then for an additional cost, you could add a performance at DTD. We opted not to do that one since I had many people traveling who'd never been and I wanted them to do the parks too.
We did the Gala breakfast, not the dinner. It was about $20 cheaper and we still got our awards, studio picture, photos with the characters, etc. Just no dance party. It was nice. I'd do it again for that price. It was a nice way to end the trip. (We also opted for that because it was the morning of the Friday. If we'd done the Gala, it was the same evening as the DHS show. My plans were to be at MK the entire day we did parade, at DHS the rest of day we were at that show, and then at EPCOT the day of the breakfast. It made for less shuffling around and smoother traveling for all (and less complaints by everyone!)
I would say overall, all the parents would do it again. We had some other drama (normal dance stuff) and we also rode a bus there and back (NEVER again!) so we all started off tired from that! Other than that though the actual event and trip was fun. It was something totally different....we do to WDW alot. And even though it wasn't an "official' parade (it's not like they led off the 3pm parade...this was just a little random thing in the morning), I still got misty eyed!

My own princesses all grown up and dancing at MK. It's pretty cool. And then there's the fact that we were at WDW with all their BFFs

It's not like we'd ever just plan a family trip with entire families of their friends. This way, they got to be at the parks with 20 of their besties. We did matching outfits and all sorts of fun extras.
We are not doing it in 2013 because I promised my families that I'd give them an every other year trip so they have time to plan/save. Guess not everyone plans to travel to WDW several times a year like us
