As someone who enjoys the Disney villains, cheers for Shadowman at MNSSHP, collects Villains mugs, and was excited for the event, this is my take:
DH and I (APs who go several times a year) went to the Villain's After Hours on Thurs, and left with mixed feelings. We liked Maleficent at night very much and that the ride wait times were low or walk-ons. The "free" treats were plentiful with minimum wait, but we did not pay for any of the special desserts they had- we rarely eat treats at the park anyway, but enjoyed the popcorn and ice cream that night.
As for the Villain aspect, there was special lighting throughout the park, a few live characters in PoC, and SMt was in the dark with loud music and some Ursula laughs. The Villains Unite the Night was OK, but we had no desire to see it again. Each villain brought someone to perform akin to a martial arts routine, but, IMHO, their performances were below what we expected for Disney. The show seemed to drag, despite the Villain actors who played their parts well, but the castle part was very cool, and it incorporated fireworks that were effective. The DJ did his best to get the crowd worked up but, to us, the excitement wasn't there. Maybe it was just too hot and humid.
One of the biggest disappointments was the music. I thought there would be plenty of old Disney Villain songs to sing along with, like the Siamese Cat song, Poor Unfortunate Souls, or Be Prepared, but most of it was background music from the movies. Maybe I missed a song while on a ride, but we recognized little. Before leaving, we hung out in the hub listening to the DJ playing pop music, which was better than the Villain music, which it drowned out.
While we understood that it wasn't a full-blown party like MNSSHP, which is our absolute favorite time at WDW, we both doubted we'd go again for another Villain's Night or any After Hours event. After Hours is good way to enjoy the park with less crowds, and the Villains were a nice touch, but we agreed that for us, it was not worth the $$$. Of course, YMMV.