We were at the P&PP once in 07 and twice in 08, including that same party in June that turned out to be the last one. It was a great event that I would do again in a heartbeat. None of the parties we attended seemed to be to low on attendance, but were quite manageable. My guess is that a "manageable" level to me means there wasn't enough attendance for Disney to be happy. I know the line for Captain Jack was crazy long at each of the parties we attended.
I would love it if this came back. I would probably schedule a special trip just to do it. But alas, it's not coming back.