I went about 2 weeks ago... After listening to Pete's review on the podcast, I had second thoughts, but I stuck with it. DGF says we're going, we're going!
In the end, I don't think it's worth it, but I'm happy I went once. The donuts and churros cooked in rum are very good. The other desserts were pretty good. Fruit was also available. I noticed that they kept the dessert table pretty well stocked till the end of Illuminations, so I helped myself to some cookies to go.
The drink selection is poor. Water, lemonade and pretty bad sparkling wine. I saw tea and coffee, but not many people partaking...
I noticed a mobility limited guest at the party, and I must say, it looked like the cast members were really making it magical for her. They brought out a nice plate with a sampling of the desserts, and drinks. And checked on her about every 10-15 minutes.
VERY good location to watch the fireworks... I've seen Illuminations dozens of times, and it's always a great show. The location of the party is nice, mostly because there's plenty of room without having to feel like if you move, someone will take your spot.
For $50 per person, you can certainly get better dessert and drink, but it's still a good time, and a nice relaxing way to enjoy Illuminations.