I think the longest I've waited for Soarin was about an hour, but the weather was really bad (storms with lots of lightning) so I figured I might as well wait in line as wait at the door to the pavilion for the weather to clear. You could hear the storm from the queue, and it didn't let up until I was in the boarding area.
But typically I won't get in any line with a posted time over 20 minutes.
Is Soarin worth the wait? That's a very subjective question, but I would say there isn't any attraction (including A&E or 7DMT) that is worth a two hour wait to me. But to others, it is. If it was your only visit to WDW and you couldn't get a FP+ and you really wanted to ride it, the wait might be worth it. If you're a frequent visitor, and you've been on it before, it probably wouldn't be.