I think it really depends on your family. We did the first one of the season this year (last week!!!)and it was our second time and here is what I got out of it:
my kids are 4&6 and we also spent the WHOLE day in MK, so take it for what it is worth.
8:00 parade very crowded, even though we tried to find a place before 7:30, we were still a couple people back and couldn't really "see" it all. (between others heads/bodies etc)
9:15 fireworks were beautiful, but my 4yo was asleep by that time!!!
Lines for rides: none, but that day, the park was mostly not too crowded so most lines (except barnstormer, peterpan and pooh) were only 10 minutes.
lines for hot choc./cookies: long in the beginning, not so long after fireworks.
Lines for characters:LOOONG!!! we didn't do any!
Snow on Main Street: AWESOME!!!! Castle Lights etc. AWESOME!!! (but I think I got more out of that than my kids did)
For us it was definitely NOT worth the money, but like I said, we were there all day, so we were really tooo exhausted to get our money's worth. If I were to do it again it would not be a Friday, and I would have spent the morning/afternoon as a down day relaxing or just checking out other resorts etc.
FWIW, we also did the Halloween party the week before, and I kinda feel the same way about that too. I think, until my kids are a bit older, and can "hang" longer to be able to see the second parade (which is always lighter crowds) it just is a time suck for us trying to find a "good place" to view an hour before it starts!!!
If you are playing (or collecting) the Sorcerer's of The Kingdom game, you can get a pack of cards, plus a bonus card on party nights with your party ticket. We did not play yet, but we have begun collecting all of the cards to play next year!!!