So more information has been released on this.
Entrance will start at 7:45 AM and guided to Fantasyland where they will have access to Pooh, Peter Pan, and Mine train.  $69 for adult and $49 for kids.  Price includes a continental breakfast at Pinocchio between 8:30 AM and 10 AM.  The article I read said that this will not replace EMH and is available to any guest to purchase.
So I was close with the breakfast being included and limited to popular rides.  I said $50, looks like they are going for a higher price point at almost $70.  I am surprised it does not include the Princess M&G in addition to those rides.  I thought for sure it would include that too.