Your airness and my good lord Baron - tag team WDW wrestling. I can take you both

...........
Now - before I lay into you remember my position. When E night was FIRST offered the parks went from being open until midnight, to being open until 11, with a three hour E-night.
So..........
late night in the MK went from being a bonus to old-timers (Baron & I could hit all the major rides back then while other people were watching parades or fireworks and hit even more b/c after these, nomral Joe Blow heads back for his hotel tired, while Baron & I and our familiies ---who knew to rest up during the heat of the day---spend the last hour of the park in relative quiet. If you knew what you were doing -- ie. arrive early, eat & swim at the pool int he middle, and stay late -- you got The Magic Big Time. )
Been there, done that, doing that.....the ONLY way to do WDW. You guys don't have a corner on the market when it comes to the most effective way to do WDW.
So how, and when did that change - and did it change completely? Now remember, we aren't talking the 80's and a 1 am close as a reference point. That was a decade gone by and we can't live in the past.
Lets wander down 90's memory lane. It is the Early 90's. The MK is open until midnight in the summer - EVERY NIGHT!!! (caps and exclamation thrown in for Baron - he likes those things

). What larry described above is the way to go. You still have that wonderful latenight (granted, not 1 am) when you finished watching the fireworks, or even the late parade, and then rode Splash Mountain three times in a row - WALK ON!!! Barons pixie dust filled the air. FAst forward to the late 90's and the advent of E-night in response to.........whatever. Now the park closes at 11

. However, a new option - for $10 you can stay in the park for another three hours. Most of your favorite rides are open and there is NOBODY!!! there. BTW - there were still two, count em two, parades and the fireworks. If you saw the early parade and then the fireworks you could still work your way over to your mountain of choice and ride it with no line. If you weren't staying for E-night there was still plenty of pixie dust - just an hour less to enjoy it. However, if all you could see fit to do was stand at the gate with your arms folded and say 'I want my hour back' you might not have known it. So, no..........
With all due respect, your premise is flawed. It is not 'one hour' it is at least two hours. If it normally stays open until 12 or 1 just a few short years ago, but now closes at 10, that is 2 or three hours lost. Getting back e#night seemed great at the time, until you realize it is only 1/8 of the park for extra money.
....at this point there is no flaw in my premise. You lost an hour (from 12 to 11) but got back three completely free and empty hour - just as empty, if not more so, that the 11:00 to midnight hour in the Pre E days. So it was 1/8 of the park - big deal. We knew we were doing E-night so we did all the non E-night stuff during the day and only needed the 1/8 that was open. So long as we didn't see fit to just stand there and say 'but this isn't open......... we had a GREAT time - and you know what, the magical pixie dust was there, at 2 am - a time when you could never have been there (remember - we aren't in the 80's anymore) - even though it was only 1/8. And you had options for making it work other ways. Perhaps you did Epcot until closing, which back in the day may have been 10, and then went to the MK and still had 3.5 hours to enjoy the best rides the MK had to offer. Without E-night and with a midnight closing you would have had only an hour and a half. Yeah, it was the whole park - but you can't do the whole park in an hour and a half - much less 3+. I will say it again - all of this was a fun filled, Magical good time for us. It was good for others as well, as TT points out.......
I would part with $12 if it ment we would actually do something different! If we stay to 11 pm at the park, yawn, how many times have we done that?!!?!?! It's staying till 2 am and riding Space 14 times in a row that I would park with my all-mighty money.
Riding rides until 2 am WAS DIFFERENT - and Magical. Riding your fave mountain again and again with no line WAS DIFFERENT - when you did it for THREE HOURS, as opposed to the one hour from 11 to 12 when you could have done it in the past. THAT was the case with E-night when it first began.
That is where my E-night good time premise stops. Fast forward another year + and it is down to a 10, 9, 8, 7, 6 closing and you are truely only buying back something you had peviously and should have had for the price of regular admission.