If your budget is extremely tight, I'd say no. Put the money to use in getting either the park hopper option or the water park & more option on your tickets instead.
On the other hand, if you were planning on four nice dinners, for example, while in WDW, skip one of the dinners and do the VMCP instead, if it is not sold out. The previous poster noted that when sold out, the VMCP lines can be pretty bad. I went last year right after Thanksgiving (the Sunday following Thanksgiving, I believe), and crowds were light. I brought my parents and in-laws along with my wife, my son and I. We loved it. For my in-laws, that was there one day in the parks (they don't enjoy the crowds and the walking so much) and it was money well spent.
The parade, fireworks, character greeting opportunities, and other little special things really do make it a nice thing to do.