We did it just after our daughter turned 2. It was really neat. It costs about what a regular haircut would cost anywhere, and she got a pair of "first haircut" Minnie ears, a certificate, and hair clippings wrapped up with pixie dust. They gave her lots of stickers to keep her busy while the lady was cutting her hair. Good photo ops too!
The only minor issue was the lady doing the cutting went a little overboard...I had asked for just a trim, and we came away with pretty much a boy cut! But oh well, it grew back!
I'll post a picture if I can find them.