I bought my 6 1/2 y.o. DD one, plus a few outfits.. for full price.
She loved her Mickey and it really got her more into a lot of the attractions because Mickey told her about them. She felt more involved because she could tell us what he said, and repeat his corny jokes. When she was tired, he was a comfort item and when we had to wait, he was the entertainment. I would have paid $200 because that is how much I feel like he enhanced her vacation and made it easier for ALL of us.. ( I'll admit it- she can be whiny).
I dont think a 3 year old would get so much out of it, beyond it being a talking Mickey, but he sure taught me stuff I wouldnt have known, so it may be worth it to you. Plus the games might be a bit hard for a little one...