When we were in WDW this past October, we went during the day, a weekday, and the place was packed. I'll echo the sentiments of the others who say that you can see the promise that it once held, but that all of the technology is long past its prime. The retro arcade is still pretty fun, even if a lot of the games are out of order. But, yeah, it's a waste of money.
Since our annual passes got us in free, I wasn't annoyed, but I was definitely disappointed. I really wanted to like that place, but between the crowds in a cramped space, the broken down games and the ten years too old technology, there's no way I would pay a fee to get in there.