With the character meals, you're paying mostly for the atmosphere, not the food, so keep that in mind. However, we've had good food experiences at character meals so far, it's just that we don't go FOR the food like we do other places.
We (5 adults) LOVED PSB. It gave us a chance to get pictures with 5 different princesses without having to stand in a line in the park =) That was worth the cost for us - and my DH now proudly displays the picture of he and Princess Jasmine in his office at work LOL!
The food is good - they bring it on a big skillet and it's all you care to eat. You can just tell your waiter not to bring any meat when they bring your skillet, it won't be a problem. We ran out of potatos and just asked for more of those and they brought them. It's typical breakfast fare and if your family can get full on everything but the meat then I think you'll be fine.
Have fun!