Took my teens to the christmas party and to the halloween party. We all loved it that the rides were walk-ons. They do not even distribute fastpasses because they are not needed. They don't have to stand in trick or treat lines or long character lines and all that, but the rides, the atmosphere, special fireworks and halloween parade are incredible for all ages! And older kids can generally hang out till the very end of a late night.
You won't know unless you try it, and if you don't feel it's worth it, just don't do it again!
Have fun!
-mary