Agreed that it is very subjective. For us, last year we went for our first time for all things Christmas related. We had been to the parks several times before but wanted the whole holidays at WDW experience. We loved the party. Is it pricey, yes....would we do it again though...yes.
Some will tell you that if you wait long enough into the season that a lot of the stuff available during the party filters in with everyday events. This is very true, but with my job I am unable to travel closer to Christmas.
Some of my Disney bucket list characters who are not easy to come by were doing m&gs during the party. We loved the parade (and the snow during it on Main Street). The fireworks were also nice but personally original Wishes is one of my favorite things about going to Disney so I will always like that better.
I would say if you can swing it financially go for it. If you want to do m&gs look at tips as it is better to hop in line for some at certain times. Enjoy!