We did this in Jan 2008. We loved it. It's expensive for breakfast and it takes up a chunk of time. But, I would definitely do it again.
The extra perks are that they announce your special occasions (We were celebrating my dad's 70th and my son's 6th birthdays) and the characters dance around in the middle of the restaurant for a while and invite everyone to dance with them. The kids had a blast.
I don't remember the food, but I think it was fine.
We also did the safari event. We really enjoyed that too. The same pros and cons. I don't feel they are cheap and I'm not sure they are actually worth the cost, but we did really enjoy both experiences and would want to do them again!
In fact, my DD10 just asked if we were going to be able to do the safari experience again, but we can't since we are only 5 this time...
Hope that helps!