The lines are actually pretty good. Especially after the Disney Jr. show starts, the lines pretty much empty out. I don't think I've waited more than 15 min for the M&G (although, 15 can feel like 1 hour with a 3yr old sometimes!). But the characters are very sweet and I've never felt like it was a "snap&shove" sort of thing. Sophia is great, she will sit down with the toddlers and hug them for the photos! My son loves her.
The benefit of the H&V character meal is that you get to sit down, and characters come to you. It's also the best way to meet Doc. The food is good, and I'm pretty snobby with food. And they have dancing and singing to keep the toddlers hyped. It is a bit pricey, but I'd rather go there in the heat of summer and have a nice cool break than sweat it out outside. It's a cost per benefit thing. What do you feel is best for your family - both options are fine.