Yes. I had a fun night, but I think that was more because I was with my friends than because of the Ball itself. I'd have been very annoyed had I paid for my ticket, because I agree it wasn't worth the money at all. I was non-dining and the food available was, with the exception of the yummy venison sausages, really poor. The noodles were bland and the doughnuts greasy. The helter-skelter was brilliant fun, but other than that, what was there to do? Dance in a marquee, jostle for seats in the ludicrously overcrowded "relaxation" tent, or almost get trampled in the rush to get into Hall? Hall was nice - the cheese was fab, the port top-notch, the muffins good - but when the highlight of a ball is sitting in the dining hall eating cheese, you know something's gone wrong. The one thing I was very impressed by was the infrastructure - for example, there were enough heaters, and the queues for the loo weren't too bad - but all that means is that the committee were competent.
I don't think it was the Merton ball in particular that was the problem - that was the first college ball I've ever been to, but I've been to a Union ball before and that was overpriced too - £45 just to stand in a conservatory drinking white wine for a few hours. Compared to that the Merton ball seems like reasonable value. I think it's the institution of the Oxford ball that's lacking. With £45, I could have a day out in London, or a good meal for two with wine, or several cinema-and-pub trips. All of those ideas appeal to me more than the idea of dressing in a ballgown only to dance to cheese like a glorified bop.