I went last night and was pleasantly surprised. My expectations were pretty low based on reviews of the first party. We were already in the park and there was no line to check in at Launch Bay ~7:20. Didn't see any ridiculously long lines all night -- longest were probably for the shows.
Tip Top Lounge appeared to have fully revamped. It was a much larger bar set-up (not a cart), I specifically counted and there were 8 people behind the bar - most in bellhop costumes. It split into two lines to order, managed by a CM, and then you picked up your drink in the center. Drinks are still pre-mixed, but I thought it was decent. We waited maybe 5 minutes. Not a lot of room in the lounge area and very few tables but the band is good (even saw production managers there checking decibel levels as apparently that was an issue at the first event).
The Gertie cookie situation appeared to have been reworked as well. Two separate lines to order with ice cream or just cookie. Line for just cookie moved very quickly (under 5 min); ice cream seemed like it was taking a bit longer.
Extra characters were a fun surprise and the lines seemed reasonable. The main area with Mickey, Minnie et. al in their holiday gear and also the special photo opps was fairly uncrowded when we went through, with what looked like very reasonable lines.
Was no line at Baseline and easy to find a seat. The fiesta performers by ABC Commissary were terrific and got people dancing. When we walked by Brown Derby there was no line and saw some empty tables inside.
Overall, we had fun and it put us in the holiday spirit. Would I go again next year? At this price (with food and drink extra) and for only four hours, I'd have to think about it. But it's not an automatic "no way." I do think there's more they can do with the event and hope that they do 'plus' it next year.