The classic "club" question here- is it worth it? Classic answer "it depends".
Personally, if you're looking to consume that dollars worth of food I'd say no. The only meal replacement is a continental breakfast (unless you're an eggs & bacon type person in which case you'll still be hungry). It provides light snacks through the day with sodas and juices available as well and then warm evening appetizers with complimentary beer and wine. The appetizers are enough to get me to do a light dinner but they do not make a dinner on their own. There are cordials and deserts available at night until 10pm (I think, it's been awhile since we did this and we were almost always back from the parks too late for desert).
Our conclusion was if one is looking for their "money's worth" we wouldn't do it, you can just as easily bring your own stuff for doing breakfast/snacks/bottle of wine or some people order room service to split in the morning. However, when we're looking for a more relaxing trip and know we will be returning in the afternoons to the hotel the extra pampering was nice when it was in the budget. Ultimately, it comes down to what are you looking for in the trip? Relaxation? Bang for your buck? What is your day like? Do you return to your room during the day? CL also offered concierge services but honestly we didn't really get much out of that, they changed a couple dinner reservations (nice that I didn't have to make the call, but I totally could have) but there wasn't anything else we needed them to do -oh, and they provide a priority check-in on arrival which was nice.
We consider CL to be "extra pampering", and when we did it the main thing we paid for was the convenience and the time we would have spent buying snacks and drinks in line, buying stuff before we left home to bring on the trip, etc. On the one hand, if the cost is a tough hit on your trip budget, no it isn't worth it- that much money could get you some great meals or more. On the other hand, if you want to kick back and relax and not worry about the hour to hour eating desires of everyone and want some extra space to unwind while at the hotel go for it.