we live not too far from there, and it is one of our christmas traditions! the lights are beautiful, the neighbors friendly, and yes, you can get hot coco and cookies, though careful where you get them. they aren't always the best. it's the only place i know of that really makes it FEEL like it's christmas. it feels magical.
tips:
park and walk. it will take forever to look at the lights otherwise.
wear warm clothes and walking shoes.
avoid strollers if you can. not all of the streets have sidewalks.
take a bit of cash in small bills for coco, snacks, and pictures with santa!
bring a camera!
The christmas lights display in this neighborhood is awesome! Some houses even sell hot chocolate and baked goods to make the experience even more enjoyable. It gets super crowded so it's best to arrive early. We scope out a place to park on the outskirts of the neighborhood and walk so that we don't get stuck in the inevitable traffic. It's probably less crowded during the weekdays.
Here are some pics... http://dailybreeze.mycapture.com/mycapture/folder.asp?event=653666&CategoryID=29720&view=1