We've done it twice, but the last time was in 2002; we've also done the Halloween Party, and for us, it is worth it.
We do just like tednvon: don't go to any parks during the day, relax around the resort, schedule an early dinner at MK, either at Crystal Palace or Liberty tree Tavern, and get into the park early. We start at the back of the park and work forward. If we want to see the parade, we wait for the second one, its much less crowded, and we use the time during the first parade to hit the rides while the lines are so much less. The park feels more crowded when walking around, but the lines to the rides seem a lot smaller.