The first and foremost thing I have to say about King Richard’s is that my kids genuine had an amazing day. A close second is that I spent more in a few hours at the Faire than I did in an entire day at Disney World. 
Even with out AAA discount, it was about $100 for admission- which includes nothing but the shows.. and all the actors in the shows ask for cash tips. Every ride and game is cash only. Food and drinks can only be bought with food tickets. Food tickets must be bought in increments of $5, but the food is sold in increments of $4, so you will always lose money. This was extremely difficult with Anna. Their strict no outside food/drink policy didn’t allow us to bring in snacks for her, but there is nothing sold at the Faire appropriate for a 10 monther.
Shows are free. The kids especially loved knight school, the jousting and the big cats show.
Souvenirs are astronomical. The artisans at the Faire take their craft very seriously, and the die hard fans will spend the money- it just wasn’t in our budget. I had a woman look me dead in the eye and with complete seriousness say, “you could buy your daughter a cheaper pair of elf ears, but they’d only last her a year or two. These are going to last her for life.” My daughter is 9. There aren’t a lot of elf ear appropriate opportunities for us, and chances are we would lose one of the ears before we even got back to our car- but I can totally understand an enthusiastic cosplayer finding the value in them.
The best values in our opinions were the wax hands for $10, archery 12 arrows for $5 and the souvenir stand next to the big cats show. (Stuffed animals start at $10)
For our family it’s not an everyday expense, probably not even an every year one- but it was a great day. Do it at least once. Save up and plan ahead. It’ll be worth it. 
Kate and the Kids 