The premium package gets you prime viewing for the parade, singalong and fireworks without waiting in line. Plus you get drinks and ice cream at the parade and an evening dessert party with drinks. We were traveling with an infant so it was great to walk up shortly before the parade and be at the curb, sit in the second row for the sing-along (with no wait) and be in a roped off area for the fireworks where I didn't need to worry about her stroller being bumped. Our three year old loved the dessert party especially the elsa cupcakes, Olaf cake pops, Anna push up pops, chocolate fondue and glow drinks. The sugar kept her awake until well after the fireworks ended.
The package was nice but definitely not necessary. The parade is only 5 minutes long and really no better than the frozen float in the magic kingdom parade, you can get tickets for the singalong pretty easily up through the early afternoon, and the fireworks are seen best further away from the hat (although you won't be able to see the show if you are too far back). There is no priority access to funland or Oakens trading post from the premium package.
You can do everything without the premium package as long as you are willing to wait for a spot for the parade and fireworks. There are characters dancing by the hat while you wait for the fireworks so it seemed like none of the kids minded waiting for the fireworks.
If you are on a budget, I would not give up a character meal, bippidy boppity boutique or the Halloween party in order to do the premium package.
. I did have to move my FP+ for Toy Story until later in the day but such is life!!
