The last time I was at disney at Christmas time was in 2005. This year, we went to mvmcp on Dec 13 (three adults, one on electric
scooter). I was not disappointed at all. We went in with a plan, focusing on shows, parade, fireworks, treats, and few rides.
We saw all shows, dance party, fireworks, late parade, and visited all treat locations (except circus one) multiple times. They all had different drinks/treats. In fact, they had EXTRA treat stations set up, and those were the ones that had repeat snowman cookies. Also, I think they purposely make the "hot" chocolate not so hot so people don't get burned and you can chug it faster.

I had at least 5 cups of hot chocolate lol. The egg nog was yummy to me, and the sno cone was refreshing.
We got on a few rides in between the shows with very little wait. And after the 11:00 parade, which was delayed, we went to SDMT and only waited at most 15 min (I can't remember exactly, but it felt short).
I also agree that main street is very crowded, but we were expecting that, so it was manageable. But once you spread out from there, it was not busy feeling at all. Overall, I loved the party, it really put me in the Christmas mood - the special lighting everywhere, endless treats, festive and cheerful cast members, etc. Also, we had tremendous weather (I wore shorts and a light weight shirt). If I wanted to include some character meets in there, I'm not sure we would have been able to do it all. But since we're not into meet and greets, it worked out and we felt like we got the most use of our time for our money. If I could do the party again, I would.