I considered it when we had a year pass 2 years ago - it was only good at specific places, and I noticed the lines at those where WAY longer than at the other eateries. Also - it's a short walk outside of the park down Citywalk to get cheaper, non-themepark food - there's a Tommy's burger, a Jody Moroni's, and a bunch of other fast food places - sit down places as well.
There is a panda express inside the park where you could get a multi-item plate and add on some inexpensive extras like egg rolls or wontons and get enough for 2 to share at a decent price.
The all you can drink deal was worth getting for us though.