We actually did it recently for our anniversary, believe it or not, (see profile picture) and had a major blast! it's probably our new favorite way to watch the fireworks!
There are lots of snacks and make sure to channel your pirate, its a pirates cruise after all, and stash away as many cotton candys and gold coins as possible (they have plenty so dont feel bad, these will come in handy later which we were unaware of). Once on the boat, Patch will entertain you with pirate songs, trivia, and all around groaner jokes. You do get to see the water pageant and they pipe the music from the fireworks into the boat. I recommend bringing a blanket no matter when you go because sometimes just the wind can chill you, you can probably see ours around DH shoulders.
You should get in line to meet Hook and Smee first as they can get a much longer line later and there will be more than enough food for you when you finish. As for the line for Pan when you get off, if it's cold, he'll run inside the Contemporary, he did when he was with us, or he'll meet out at the docks.