We did P&P in March. It was just my DH and me. We had an awesome time. No waits for anything. There were alot of rides open...not all but alot. The fireworks were amazing. The parade was good...it is alot like the 3:00 parade with some different characters.
I wasn't sure we should do it because of the extra money and we don't have children. It seems to be geared to them, but we had a blast.
Open rides: Space Mountain, Buzz Lightyear, Stitch's Great Escape, Raceway, Teacups, Pooh, Pirates, SM, BTMRR, HM, Aladdin's Magic Carpets, and the Swiss Family Robinson Treehouse. These are the rides we rode. They is perhaps more open. There are also characters that you don't frequently see in the parks. Cinderella's stepmother, John Smith, Cap'n Jack Sparrow, etc. Also, characters such as Minnie and Daisy are dressed in princess outfits.
Finally, Cinderella's carriage is out for you to take pictures, which I thought was really cool.