I'm from Hamilton, NJ which is only about 20 minutes away from Sesame Place. I was at Sesame Place on Saturday with one of my girlfriends and all of her kids (ages 15 months, 3, and 5)...I'm in 100% agreement that it definitely isn't worth the money. Luckily my friend has 2006 passports so it didn't cost anything for admission when we were there this weekend.
The majority of things are water attractions and they didn't even have them open. A lot of the dry "attractions" really are just walking courts and areas with character greetings. Honestly, you could go to a Chuck E Cheese and have just as good a time. The kids spent most of their time on the jumping air mattress and Cookie Mountain, which is just a soft mat with a rope for climbing. They had some Halloween activities but not much and the kids seemed to get bored very quickly.
I would save your money and plan for a trip next summer, when its hot and you can utilize ALL the attractions. It just isn't the same without the water activities open. Besides, there isn't a whole lot to do around that area besides going out to eat and walking around the Oxford Valley mall, which isn't all that great IMHO.