TTMM just gives you about half an hour extra time to either ride the rides or meet the characters. It also lets you be done with TT before the sun starts to get hot; TT seems to be the hottest area in DLR! They open the gates when the front gates open, but they let you have time to get all the way back there. Around 20 minutes into the hour they have a little tiny parade and a song and dance, and then you can go into Mickey's house, etc.
It's not something my family would pay extra for (unless we had another family member who hadn't been part of it, of course), and that's despite having had the cute experience of having DS picked by CMs so that we got "ToonTown Honorary Family of the Day". Which really just means we got to get up on stage and introduce ourselves, and we got a scroll thing that's still on our fridge 2 + years later.
When we got the lanyard, we found it to be scratchy and too wide, and we each bought new lanyards anyway. The free pin is not a "fun" one...DH traded his with the CM that gave them to us, but DS and I kept them as a memory of sorts.
Preferred seating...that can really vary; Aladdin is the main one you'd use it for, but when we used it, we got *worse* seats, and waited *longer*, than the people in the normal seats. We had to line up well before the regular people, and we were the last into the theater, and then got "orchestra" section seats, which isn't good for the big effects of the show.
I can't even imagine a time you'd really need the preferred seating for Turtle Talk or the others you get...
It's good that you're price-checking! By the time our big package deal vacation rolled around, I was well aware that I could have gotten a better deal just booking the AP rate (we were upgrading our tickets to APs anyway), but I was too invested in the whole thing, and there were cancellation fees involved (not much, just $25 I believe at the point I thought of canceling). And now I know what a package is all about, so that's beneficial.

But since you'er still just price checking, you have the chance to get the BEST deal you can!