I went to the South American Exquisite Evening last year. It's as if you're going to a fine restaurant (e.g., multiple forks & spoons for the appropriate dish, appropriate wine glass for each wine, etc.) vs. Party for the Senses, which is more like a buffet. It was held in the World ShowPlace -- the same place as Party for the Senses -- but only had like 50-80 dining guests or so, not counting the multiple chefs, wait staff, hosts -- unlike Party for the Senses, which has about 1000 dining guests at the event (so I've been told).
At the Exquisite Evening event, each course had a different chef prepare it, with an appropriate wine to match. If you visit the allearsnet site (I haven't posted previously on this board, so I can't post a direct link), there are several articles about previous years' Exquisite Evenings events, including some pictures as I recall. That information would probably help to answer more of your questions.
As to your cost question, yes, they are expensive events to attend. However, if you're looking for one dining splurge (and can't get the V&A Chef's Table), it's a great option. I know that I loved going last year -- I still remember it, unlike many meals I ate before & since then -- and would love to go to another one. Getting reservations is very difficult, however. FYI....
