Excellent question!
I will say that I enjoyed
MVMCP more in 2003, 2004 and 2005 than in 2006 and 2007.
Part of it could be that I had attended MVMCP several times by 2006 and 2007--and I was in severe pain in 2007, having sustained an injury two days prior to departure for WDW. Really should have cancelled that rip!
In the earlier years, there was more entertainment--different types of music (not just the carollers, which I enjoy) and acts that were entertaining without being age-specific, for the most part. I'm guessing they were contracted and later considered an unwanted expense.
The varying entertainment was replaced with dance parties in various locations throughout MK, primarily for the younger WDW visitors, although everyone is invited to participate. Not quite my thing! *LOL*
There still is a lot to do, including special holiday shows, although I believe there have been some additional changes since we visited WDW in December 2007. And it's an opportunity to ride/see some of the more popular attractions with smaller crowds--especially if the weather turns wicked cold! A lot of people leave early when that happens. Not all of the attractions are open during MVMCP, and food options are limited.
Is it worth the cost of the ticket? If you're attending strictly for the regular attractions, probably not. But if you enjoy the holiday atmosphere and special programs, it might be.
It might be a good idea to look at programs from the past two years to see if anything sounds particularly good to you and your friend.