This worked really perfect for us last week. We entered for FP at Magic Kingdom. Didn't want to ride Space Mountain, so went straight to Buzz, did Buzz twice, then on to Pooh, then Peter Pan, we could easily have fit in Space Mountain, or another ride, or even Mickey's Philharmagic, but it's been so long since we'd gone into Fantasy Land, that we actually had to stop and look at our map!!!
We were waiting at the gate by HM at about 8:45, it was just a little too short of a time to fit in Mickey's Philharmagic before the 9:00 opening of Splash Mountain.
We could have easily fit in Splash Mountain, Thunder Mountain, Haunted Mansion and Mickey's Philharmagic before our 10:30 reservation at Crystal Palace, but we got stuck twice on Splash Mountain and it took about 1/2 hour for the ride.
I think it's worth it if you plan on doing allot of the headliners. You can really get allot ahead of the crowd which makes your day so much nicer. Of course we had our afternoon break that day too!!!