It's not just the make-up - they also get a different bandana, a sash to hold a sword, a sword, a little pouch with pirate trinkets, and a letter declaring them an official pirate.
Not saying whether or not that makes it worth $50 to folks - just letting people know.
We signed our kiddo up for it (9yo) because they're obsessssssed with pirates and have been since they were little. I thought they'd love it, and they did. The boutique worker who did their make-up was fantastic and made them laugh and such as the make-up was being applied, and they loved looking like a pirate and didn't want to leave behind any of their stuff or take off the make-up at the end of the day. (It was also pretty cool to get a photo op with Jack Sparrow in the full pirate get-up.)
I will say that (thankfully? I guess?) they didn't much care to fight for space in the pool but instead were obsessed with the water slides, so keeping them out of the pool wasn't an issue, and they just did a ton of water slide stuff in the morning before the appointment (it was ~2:30 I think?).
Anyhoo - we didn't splurge for much on the cruise, so were happy to do the make-over, and our kiddo loved it. If your kids aren't obsessed with pirates like mine is, or would really hate missing out on the pool for those few hours, then give it a pass.
(striped shirt & red sash from home. brown sash, sword & bandana from the make-over. not visible: necklace with skeleton key & pirate coins that came in the small pouch also from the make-over.)
ETA a better look at the make-up, and you can see the key necklace:
