We went a few years ago and found it to be okay. As far as being worth the $$$, I personally would question it. In retrospect I probably would not chose it, considering all the entertainment options available in Orlando.
Keeping in mind if you are really into the medieval era, you may enjoy it.
Try checking tripadvisor.com, they get a wide range of feedback that might be helpful to you.
We went a few years ago at Myrtle Beach. The kids were around 7 thru 13 and they had a GREAT Time! We sat in the front row - I was worried about the dust and horse stuff flying up from the arena, but it wasn't a problem. The kids had so much fun because they were chosen by a team to receive the flag from the prince; I think they even got a flower also. It's very pricey and the food reminds me of what you would get at Hoop De Doo Review in Disney - chicken, pork, potato, soup, dessert, etc. If I were down in Orlando, I would rather choose a Disney show and save Medieval Times for another location. Once again, it depends on how into Medieval stuff you are into.
After I posted my reply I happened to ask my daughter, who was 10 at the time, what she thought of the show and she really liked it. My husband said he thought it was good, but thought it was a bit pricey.
Just thought I'd pass on a few more viewpoints. Good Luck. . .
We thought it was a fun experience when we did it on our last trip to WDW.
The show itself was fun, as long as you get into the spirit of things and cheer for your knight. The food was pretty good, not gourmet by any stretch of the imagination, but it was filling. They do come around and take pictures of your party during the show, as well as have you pose for an individual picture before you go into the castle. The individual picture is one of your head superimposed one someone wearing medieval garb. The pictures were pricey, I think the individual ones were $5 and the group one was $20. They also have all the light things like all the theme parks do, so if you have kids, they may start begging for a green light up sword.
However, I wouldn't pay full price for it, luckily I did manage to get 1/2 price tickets through an Orlando radio station website that runs special offers online.
It was a fun experience, but while planning this years trip no one has mentioned going back to Medieval Times. I think we're going to Gatorland again instead.