We went last year and although my 2 boys enjoyed it ( 6&5yrs), us adults found it a bit loud and chaotic.
The food was lousy and very slow service. I though that the food they served wasn't really child friendly and took a lot of cutting up for them. We paid the extra for preferential seating but was still waiting for our meal while others had clearly finished.
The buffet before the show was nice.
IMHO, I would choose something a bit more "upmarket" for New Years Eve.
After the show, you get to boogie the night away with a disco, which we didn't stay for as the kids were very tired, but it looked OK.
Hope this helps,
Lin