I think it is worth the price if you've never done a Luau before. It really is a neat show. I think even if you are a light eater the show itself is worth the price. Food at Hawaiian resorts is expensive no matter how you look at it. Your not going to leave any meal at Aulani thinking "wow, what a great deal".
We did the VIP seating and think if you enjoy a few cocktails it's actually the better value....considering what Aulani charges for drinks.