I'm not sure how great it is if you are going with kids, but, IMHO, it is THE best time for grownups only. Eating is NOT our big thing when we go in the summer with the family. It's too hot, the meals are big... 1 or 2 sit downs over the course of 8 days is plenty for us. We are DVC and often eat in the room.
When we go for Food & Wine ,though, it's just DH and me. We try a little here and there, we share samples and pretty much graze our way through the Festival. We love the seminars and classes. We both like to cook, so we learn new things and get to sample wines that never make their way to Oklahoma.
Pretty hard to beat sitting on a bench watching Illuminations with a lovely glass of pink champagne at hand!