We love Knotts (and Magic Mountain). Yes, we love the big coasters. The old west theming at Knotts is a nice break from the fantasy world of Disney. We always make Knotts a 1 or 2 day stop while visiting Disney. We have a couple teen girls who love thrill rides and always insist we go to Knotts!
That said its not for everyone. Many seem to feel all amusement parks should be like Disney or perhaps Universal. I like them all for different reasons. Knotts is very nostalgic (older than
Disneyland) and they transported old west buildings from ghost towns rather than try to recreate new. Its more of an old fashioned amusement park and we like that!
For shows they have street gun fights, a comedy old west show, and a very fun Peanuts ice skating show. Exactly what we want there, nothing fancy, just fun.
The chicken at Knotts diner or at their takeout is excellent. We often exit the park and get takeout then bring it to the tables just outside the side entrance gate.
On a very busy day fast lane tickets would certainly help. Lines can get long (45-60+ minutes) for the Ghost Rider, Xcellerator and Silver Bullet and perhaps the rapids ride and the log ride midday. The other rides generally stay fairly short, 20-30 minutes. It just depends on whether you feel little no to wait on rides is worth the expense. If you go midweek it may not be crowded enough to need them.