This event was actually held last New Years Eve at EPCOT, it just wasn't very well publicized.
I attended this last New Year's Eve and I can tell you it is a great buffet and well worth the price. The World Showplace Pavillion (or old millenium Village) was well decorated much like Party of the Senses; however, everyone was guaranteed a table and the food was setup like a buffet.
There are several stations where you can get different foods. Alcohol is not included in the price; however, soft drinks are included.
In my opinion the best part of this event was escaping the New Years Eve crowds at EPCOT and going into a nice, well decorated, roomy enrvironment where you were not constantly bumping into people. EPCOT was so busy last New Years Eve we could hardly move from place to place. I'm not trying to scare anyone away from EPCOT, but it was simply packed to the hilt. Wait times for attractions were over 200 minutes. The next day (New Years Day) I told DW we'd never go to another theme park on New Years again. We'll spend our time at our resort.
If you do find yourself in EPCOT on New Years Eve I highly recommend this event. It's well worth the price and a great event to celebrate New Years Eve with family and friends. Also, be sure to watch the midnight showing of Illuminations with the New Years Eve tag at the end. It was one of the best fireworks shows I've ever seen; very creative and imaginative.