We used it last October. My family are ride fans, and love the ride photos, so that bit was a no-brainer for us. Think we ended up with at least 30 ride shots. We only did one meal that qualified for the free photo - HDDR, so that bit was somewhat wasted. The main photopass bit we would probably pass on - it was nice to get some photos in the parks with all 4 of us in, but we probably didn't make best value of that.
I know that they have brought out a ride photo package now, which I think we'll do next time rather than the full PP+. "Attractions+" for around $50 IIRC. For us, that is better value, especially on a second visit. But that's just us.
I believe the PP people will take photos with your own camera as well, so the few times I'd like a full group shot, we'll get someone else to take the photo.
But if you do photo meals and like the group park shots, the full package is probably worth it.
You get a list of collection locations with the package. We collected ours on the evening we arrived at the photo place next to Team Mickey in DTD. If you're there for 14 nights, mention it, and they punch the expiry date for the 15th day to make sure it's valid your whole stay.