We've done both the Christmas party and the Halloween party. I really feel the Halloween party is worth it. Our kids loved that mommy and daddy could dress up with them, the trick or treating was fun, the parade and fireworks are awesome, and there are so many little things on top of that. ex. we watched the Cadaver Dan's sing for a while, we went to dance with Woody, everything at HM is great, and the villains show is cool. I wouldn't worry about your kids staying up either. My girls were 2 and 4 when we did MVMCP...and MNSSHP when they were 4 and 6. We just made sure they had a nice restful day before the party and they had no problem making it through the entire parties.