We did it in March of this year. I have two daughters, 4.5 and 2.5 at the time. They both liked it okay, but didn't love it as much as other events. For one, everyone found Miss Rose Petal (the MC) incredibly annoying. Aurora isn't there for that long, but there is time to meet and get an autograph. Interaction times with Aurora were 2 mins per kid, similar to what you get in a character meal. For what it costs (something like $650-700 for the 4 of us), us parents didn't love it either. The food is so-so, but we are not big chicken salad eaters. There are a lot of gifts (charms and bracelet, nice aurora doll, a rose, a backpack (cinch sack kind)). In the end they lead you to one of the grand floridian gift shops, which I thought was super tacky.
I didn't like the time either (mid-morning). I would have preferred afternoon, so that we didn't "waste" a park morning. My wife liked the diversion from the parks, however.
[Random aside:
Disney Cruise Line has a variant of this, called Royal Court Royal Tea and it was amazing. If you are ever going to sail
DCL, skip Perfectly Princess Tea and do RCRT when you next sail].