We love it. For our daughter, age 7, it is her favorite. You get 4-5 princesses at one meal (you can pretty much count on Belle for a posed photo, then some combination of human Ariel, Cinderella, Snow White, Aurora, Mulan, Jasmine, and Mary Poppins - at least that is who we have seen). Each princess comes to the table and does the standard chat with photos and autographs. There is also a Princess Parade through the restaurant (we could personally do without it, but the kids love it).
Foodwise, it is nothing special. The Liganberry muffins are one of our favorite Disney pastries. They have smoked fish on the buffet which is at least slightly unique and the cooked food is presented at your table on a platter. Our DD loves the potato casserole.
For our money, it is the best princess experience on property. As much as the Royal Table at MK is nice, this is MUCH cheaper and to us feels more personal.