As for getting your monies worth, if you live close to Knott's, for $230 a year (can be split into monthly payments), you get Theme Park admission, unlimited soft drinks and 2 meals a day (limited items, must wait 4 hours between meals. Does not including parking, but one person in the group can get it for $65. Less than a dollar a day, not bad if you can just drop off the kids for a few hours. Heck, after school, the kids could stop in for a meal and soda until the parents return home. And free Wi-Fi to boot. (every day except Christmas)
Magic Mountain is even better if you take advantage of their Labor Day weekend sale. For about $160, you get admission to BOTH MM and the water park, 2 meals and a snack from a much wider choice of food and unlimited sodas (once again time limits apply), plus free parking. A bit harder to get to (not too many homes within walking distance), but now we are under 50 cents a day. (Must pay in full when ordered).
So you can get both, add Soak City to make 4 parks for less than a Disneyland 2 park SoCal pass, which is JUST admission and half the year blocked out.
Amazing to see Knott's the few days before the Disney blockout dates (slow), and then the few days after (a lot busier), as some folks in the OC area get a Disney SoCal pass and a Knott's pass.
I thought about getting the Knott's food option, but the items are not that great IMHO, I do get the Soda option though.
My Six Flags pass is the one mentioned, and it is good chainwide, and I don't visit as often as Knott's. But when you can get freshly battered Fish and Chips, Chicken Wings, Chinese meals, and much more, well it pays for itself after about 4 visits.
Plus as a parent, since everything is pre-paid, you don't have to give the kids any extra money.