We did this two years ago, and we enjoyed it. The food was about what you would expect - not the best, but not horrible. I remember they had garlic mashed potatoes with the skins on that were really good. And I remember that the preshow horderves were pretty cheesy - Ruffles potatoe chips was one thing they served. Bleh. And the drinks from the bar were not worth the money.
For dinner, you are seated in a theater around a large pirate ship set. The actual show was pretty entertaining. Both my BiL and DN were chosen to participate, so that might have made it more fun for us. The audience is divided into sections, with each section assigned a particular pirate to root for. The show was better than the food.
We would go again, but only if we could get some good discounts. If you are going to be in Orlando for several days, and have plenty of time to do everything you want and still do this, then I would say go ahead. But I wouldn't do this at the expense of doing something else.
Hoped that helped a little.
