Entertainment - We went with our two kids (4 yo and 8 mos) and they had a ball. They loved seeing the costumes, the performers, and the jousting match. Kids under 7 yrs old are free which is great. The festival is from 10am-7pm and throughout the day, the actors act out a storyline. We only saw the jousting at the very end which was cool.
Drinking - There was an abundance of drunk people but it wasn't ridiculous. Evidently, there was a gauntlet you could buy and fill it with beer (we had the kids so we couldn't party medieval style).
Would we ever go it again? Sure. I didn't hate it. BUT, I'd definitely go in the first few weeks as the admission price changes after the first two weeks. If you are into this kind of stuff, it's worth the money. If you aren't, check it out at least once.
For more info, visit
https://www.rennfest.com/