We did the Meal Plan when we went to Universal in December 2009. I actually thought it was a good deal personally. We were there for three days and did the meal plan for all three days. Pretty much we ate at two resturaunts each day and sometimes went through the line twice each time.
One of the things we did do that made the meal deal much more appealing was getting the souvenir cup. The nice thing about the cup was that when you bought it, you were able to get free refills for the entire day at the participating resturaunts. The best part about it was that we were told by an employee that we could take the cup with us the next day and as long as we had bought the meal deal, we could still get the free refills without having to buy another cup! (I think we got refills more than we had food.). We did confirm this when we went to buy the second day's meal deal just in case we were misinformed about this. The only problem with it though was that there were "refill stations" at a few of the participating resturaunts, but no employees there manning the station and I had to go through the line proper each time....I'm sort of kicking myself for not getting one of those wonderful chocolate cakes when I went back for just a refill! [I highly recommend them....don't know what they're called, but they were better than any other desert there!]
[I will recommend their chocolate desert thing....don't know what it was called, but I LOVED it!]