We did standby once (45 minutes) and FP once. I enjoyed it well enough. Now that I've done it, I wouldn't wait more than 30-40 minutes to do it again and I would not use a tier 1 FP to do it again. I thought it was pretty well done, but definitely not a 60 minute wait type of ride.
That said, my 6 month old LOVED it the first time we did it. She's never watched TV or movies at all, but she was completely fixated on Olaf. And she scammed us into buying her a stuffed Olaf in the gift shop, she also went nuts with joy for the Olaf meet at HS later that trip. She did it again at 12 months, and wasn't as fixated, but still seemed to like it.