CRO should be telling guests to arrive at 8PM (until 11/26 thru 12/30) when IllumiNations moves to 9:30pm. At 8PM the window opens for payment, all parties must check in and make the payment on site. Yes, a Credit Card Number is taken when the Cruise is reserved, but this is just to hold the boat and used in case of a no-show party. This credit card number is not available to the marina, so all guests must pay the night of the cruise (room charge, credit card, cash).
Once payment is made, all children 12 and under get life jackets and the cruise driver can depart whenever everybody is ready.
A leisurely cruise down to Hollywood Studios and around BoardWalk is the norm with an arrival at the viewing position by 8:50pm.
"Waste of Money"? - this is really a matter of opinion. You get an unobstructed view of IllumiNations, you do not need to use an entrance ticket to Epcot, you can fit up to 10 people on the boat, you do not have to stake out a place to watch the show, and upon completion, you are whisked away back to the dock.
I am sure many here who have done a cruise can also add some more Pro or Con on its value.