The question is how much value do you put on early park entry with limited attractions you'll have access to and a breakfast vs the flexibility to have quick access to three more attractions per day (three days minimum).
EMM is cheaper ($89 per person vs $150 per person) but less flexible. You have access to only 7 attractions and not all of them may be of interest to you. On the other side, you'll have extra FP access to a total of at least 9 attraction (divided into 3 extra FP's per day). If I had club level, it would have to be a real consideration because I can go either direction ("I've spent so much already, I really shouldn't" or "I've spent so much anyway, what's another X amount").
I've often said on these boards I will pay more for convenience and flexibility if I can. So I would probably weigh CL FP more heavily in favor than EMM just because I would have more options. But EMM is comparably more affordable, and has value if you don't mind the limited amount of attractions you get. All depends on what you value and what you can afford (and how long you're there).
@Unvoiced_Apollo , thank you for your reply

! Although I would be moving from two to three park days if I do the CL FPs (minimum three days), so it would be even more expensive, I can see value in both. MK is our favorite park, so MK EMM does have perhaps a bit extra value to us. Thank you for making some excellent points to consider! I'm starting to consider doing both options! I agree that within reason, we are willing to pay more for convenience and flexibility.
I’d rather do EMM than CLFPs myself, but it suits our style better. Won’t apply to everyone’s wants/needs.
@GADisneyDad14 , thanks for your reply!

Yes, vacation styles can vary widely! We like early mornings to early afternoons in the park, and then it's resort time the rest of the day for us. I'm considering doing both CL FPs and EMM! While it would make a less relaxing vacation than we had initially planned, we could get a lot done during a higher crowd week, and lock in all of our 'must-do's'. So much to consider!
We did both and didn’t regret it. We also did 2 after hours.
@ninafeliz , thank you for your reply!

This is exactly what I'm considering- doing both! Glad to know I'm not the only one. We could get MK done in one day (whereas my previous plan had it split into two), and we could really enjoy AK and EP with so many tier 1 FPs. I'm glad to hear you had a great experience with it! Thanks again!
We did both. And whilst I think that EMM is the best way to spend your money at WDW (or probably anywhere in the world), I though CL FPs are overpriced if you keep in mind price of a CL room. I honestly thought the difference between CL room at Wilderness Lodge and a "normal" room at Port Orleans where we stayed 5 times is (if you ignore extra FPs) negligible. But the price difference is not. Obviously, depends on your budget but I though CL FPs are not worth it and we decided to stay in a "normal" room for our next trip.
@wrestler72 , thank you for your reply!

It's great to hear you consider MK EMM worthwhile! We did TSL EMM in the past, and felt the same way. I'm considering doing both EMM and CL FPs, although agreed, the additional price when already paying for CL is very high! Thank you for sharing your experience and that your stay in a moderate resort vs. WL CL wasn't worth the difference in price for you. All important considerations!