"Worth it" is a tough question when it comes to the parties, especially with a toddler. That answer is just so different for everyone. For us, it is 'worth it' but we adjust our expectations accordingly with the kiddos. We know we might not make it until midnight, so we're happy to just do what we can do.
We enjoy the parties for 1) the theming/vibe/something different, 2) the parade, 3) the fireworks, 4) short waits/walk on for most rides. We don't mess with the special charachters. The cookies/treats at
MVMCP are sort of duds for us, unlike
MNSSHP where we do make a point to do the trick or treating.
The parties can feel 'packed' at times, but in different ways than a normal MK day. The hub/parade route can feel very, very crowded, but ride wait times are usually very short to walk ons most of the night. Crowds feel 'lumpy' to me, especially at MVMCP. There is a cap on tickets but I'm not sure what that # is.
With some exceptions they are actually very good at clearing the park. Early on in the parties there will be "walls" of CMs at various places all over the park - you're not getting through without a wristband. The new 6PM close for MVMCP this year is seemingly an attempt to better control park clearing as well. Proper park clearing has been the subject of some debate around here the last few years.
Overall for us it's a FUN event and a great way to get in the holiday spirit while experiencing the MK in a different/unique way.
Just one family's perspective!