I did the Rookie Experience in September and it was fantastic.
From sign-in to the time we left the track was about 4 hours. The ride along was MUCH shorter. I would guess the ride along folks spent less than an hour at the track.
The 3 laps do go by very quickly - 3 laps x 1.1 mile track @ 150mph, well you do the math!
Our instructor took us around the track in a van @ 60 mph and it seemed fast, I don't know what 150 (ride along speed) would feel like with someone else driving.
I was turning laps at 125 and was far more comfortable than I was with someone else driving 60.
I think it's well worth the time, but if you have a real racing fan on your hands get ready for the sad puppy dog eyes while he watches the other class drive their own cars.
I understand how you feel regarding the cost. I'm dying to do it again on my April trip but just can't justify the expense.