Yes and Yes.
Got it in 2007, paid to do both parks. Ate all day. We had 2 meals at IoA (Meal and snack) and then a meal at the studios. When we were doing it, they also offered for a 2 park meal deal which gave you dinner at citywalk at certain restaurants that evening.
Don't cry because it's over, smile because it happened.
I guess it depends on just how much you expect to eat. I also did it back in 2007 when it included the City Walk dinner but was only $1 more expensive than it is now. I ended up getting 3.5 in-park meals (the half is a meal I thought was gross, threw out, and went back through the line to replace with something better) and that sit-down dinner. That was worth it. Gotta watch your hours, though. I don't think you can start eating until 11:00 am and only up until 30 minutes before closing. The parks close at 6:00 pm starting soon, so that isn't much time to utilize the plan.
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