It is a lot of $$$, but I think a good bit of that is in the cost of the doll. It's not an American Girl doll, but it is Disney's version of that kind of doll and it costs over $100.
It is also a lengthy affair. It lasted over an hour, I believe.
The girls are lined up outside of the room, and called up one by one as "Princess _______". They are crowned and shown to their table, where there are personalized placecards. Once there, they are asked to flick open their napkin, upon which a charm bracelet with a pink heart charm falls out. They receive the doll, and then "Rose Petal" performs for some time -- a story with songs and such. She's VERY good. There are some other minor characters, as well. You're served tea and the snack (can't really call it a meal, but it's cute), and eventually Aurora shows up. I haven't been to another event on Disney property where you get SO much one on one time with a character. It culminates in Aurora leading the children in a dance around the room. Very cute.