I was there on last Thursday and saw someone with the badge around their neck for this event. The park was pretty dead to begin with, so honestly those people on Thursday did not get their money's worth. Our friends pretty much road everything in Fantasy Land and Tomorrowland by 1:30 PM. We went back and road rides multiple times, Space Mountain had only a 20 minute wait (posted as 40), Splash was walk on, all the normal ones were walk ons (Buzz, LM, etc). Pirates was a 5 minute wait, jungle was 20 and that was mid-day. Overall you could ride everything you wanted and multiple times if you wanted before 11 PM closing. Even Mine Train was a 30 minute posted time and everything was way lower of a wait than posted.
I imagine most people know that this is the case this time of year, so my guess is this will be more popular in the summer months.