I agree that the queue is worth going through, but it's not worth two hours of going through.
We rode at RD on our first day, and on our second day with a FP. The RD completely bypassed all the cool queue stuff, and was just the FP line.
Then we went again at end of night on our second day. Posted wait was 90 minutes at 7:40 (for 8:00 close), and it was 40 minutes from entering the queue to the first preshow room. Going into the line having been in the dark with the bioluminescence outside was cool, then we went through the whole queue (but the first cave part was mostly a walk through), did the ride, and emerged once more into the bioluminescence of the Pandora night. Of the three times I rode, I enjoyed the third ride by far. The first two rides were great, but felt rushed, while the last ride felt like I was getting the full experience.
That said, I think there's a tipping point where the wait ceases to be an anticipatory time that adds to the ride, and becomes a chore that detracts from it. For me, I'd say that 30-50 minutes is probably the sweet spot that enhances the ride.