After hours, no doubt. I did the Star Wars dessert party, which was very nice. But I also did the morning magic at MK and it was by far the better value. Assuming numbers for the after hours version are similar to the morning (and I believe you have access to far more rides than we did), you will have no wait on any ride you visit, allowing you to get most (if not all) ride must do's done in one night. Or just multiple rides on a handful of favorites! After the morning event, my kids were SO thankful -- they said they'd never question my planning again!