I have actually been debating this for most of December but in the end decided against it. The primary factor was for $140 ($120 at first) a person, there was no way possible I felt I was getting my money's worth (outside of being at CityWalk for the night) and it does not include any alcohol outside of a champagne station for the ball drop. I would guess I would be pushing close to $400 for the night after everything though I'm sure it would be a fantastic time. Had it included the alcohol or atleast offered a few drink tickets or even some park access on the first or something, I would have done this deal no question but if you aren't a drinker it may be worth it to you, the menu definitely looks brilliant. I don't think I would eat anything the entire day before going lol.
The Universal hotel properties are also doing stuff for New Years.
Haven't really seen Disney doing much outside of going there early and staying the entire night until park closes (an awesome option if you care to do that). I think the park stops letting people in at a certain time. Downtown Disney doesn't do much of anything either, well atleast not like City Walk.
Downtown is cheaper at $59 a head with open bar included in that price and all club access, but I can imagine much more crazy with a bunch of college kids getting drunk, plus no food and you still have to park. You can watch the Orange drop here though.
Don't rule out other Orlando hotel properties either. I booked the 4 star Rosen Shingle Creek through Priceline for $100 for 2 nights (31st and 1st) and just so happens they are doing a pretty big celebration for New Years, including a hired DJ for the club/lounge, champagne toast, fireworks, countdown and some great New Years specials at their restaurants. Can't beat parking at the hotel and having a great time (and get a few drinks in) without ever having to step in a car the entire night and just go upstairs to continue the party in your room. I ended up doing this and I think it is ideal for me and my wife and we have invited some of our Orlando friends to join us, have a blast and save a few bucks in the process.