The Pirates and Princesses Party that we attened on 2/9 was a big let down and in my opinion a BIG WASTE OF $$$. We arrived at 645PM to be bomb-barded by the regular crown leaving main street. It took us a good 1/2 hour to fight the crowds to get anywhere useful. We felt that Disney should have cleared out the park prior to this "private event". We stayed tonight (2/14) quite by accident and wasn't told to leave until 730PM.
Furthermore, I was extremely disappointed that the lines for both the rides and character greetings were still VERY LONG (30 minutes is a long time for 1 attraction when the whole event is only 5 hours), especially for the amount of $$$ you pay (about $50 per person). The EMH the next night was easier to get on rides.
In the past I heard Disney was passing out candy. Not the case for the 2/9 party. They only had "cheap" plastic jewelery. I'm not sure where they were hiding the princesses. I didn't see one all night (except for in the parade).
Even my wife said Disney didn't go all out with the decorations and special events for this party. Not what she expected.
The good points is if you want to wait 45 minutes you can get Jack Sparrow to sign your autograph book.
Overall this party needed more princesses, more time, more decorations, less people, and a lot more pizzaz.
We were there on 2/9 as well, and had quite a different experience than you.
The Princesses were in Toontown, along with Minnie and Daisy dressed as Princesses. Ariel was in her grotto. I was disappointed that they had their regular gowns on, so we didn't wait in line for them as we already had been there done that.
The lines....well, gosh, the only line we saw all night was for Space Mountain and it said 10 minutes! For Pirates of Carb. we walked right through the que not stopping until we got onto our boat...the boat in front of and behind us was empty and we were the only three passengers in our boat. Haunted Mansion we walked all the way into the elevator as the "talk" had just started....while it still said to move in so others could fit too, there was no need it was about half empty.
We didn't go on Peter Pan nor Dumbo, but there was very little wait for those (and considering that during the day they're hour long waits, we were surprised).
The longest lines we saw, and endured, were character signings.
Yes...the "treasure" was all fake jewels and plastic necklaces.....see OrientalTrading.com if you want to buy some,

We collected a few only because there was literally never a line for them....the CMs in a few places were not in their little roped off line area, but out in the walkway handing them out! I had read about the chocolates from last year, but also read the earlier PP&P reports that said they weren't being passed out so we hadn't expected them. I also read here that the reason was because the chocolate melted and made messes last summer....well, duh, yeah, it was summer, hello? Although the weather was wonderful for 2/9, I doubt that chocolate would have melted until it hit my mouth!
I've said it on a few other threads....but my biggest disappointment was that there were no Prince Charming, Prince Eric, etc sightings except on the parade. I don't quite get that....if they were already in the park for the parade why weren't they out wandering around or at least in Toontown with their ladies for pics? That we'd have stood in line for an hour for!
I was also disappointed that I had saved this for our last weekend.....if we had it to do over again we would have gone to TWO of these events....one to do the characters and treasures and dance party etc....and then another time to hit all the rides over and over. Five hours was definitely not enough time to do both though! We're hoping to go again at the holidays and we'll probably do two of the
MVMCP's because it sounds like it's the same type of event, just different themeing. I'll probably buy tickets in advance for one night, and then buy them at the park for a second night if it turns out to be the same feeling.
I am always surprised how two families can be at the same place at the same time and have such totally different experiences. While I had some disappointments, we still had a grand time and it's one of many highlights of our month long trip. Never occured to me to think of it as a waste of money, and I'm definitely a tightwad who would be unhappy to have wasted money! Only thing I can think of to explain the lines you had for rides that we didn't have.....is you must have started on the other side of the park from us and everyone else must have been over there with you,

We started in Tomorrowland, went through Fantasyland and spent way too much time there, went rushing through Liberty Square, stopping only for HM, and then went through Frontierland without stopping, to Adventureland where we ended the evening. Perhaps because the high interest for many people was the pirates they all started out at Adventureland so it was crowded and they made their way around the park opposite us, so we were against the crowd instead of in it??
Another thing was that we didn't pay nearly as much as you......we bought our tickets in advance in October when they first went on sale....they had that special pre-purchase offer through early December so we paid $28 each with the AP discount and pre-purchase discount. Kids were less, but my girls are 11 so they had adult tickets.