Local's passes are about $25 more, but that shouldn't matter - they've created their own 'different classes' of membership systems instead of just upping the price of the existing tiers.
I don't really care about the invites - its highly unlikely i'll ever have so little to do that I could attend these things and wait around for hours, but its a little disappointing that they treat folks who are clearly loyal and willing to support the parks paying monthly (and its been a few years since Memberships ended so there's longevity there). The point is the premier memberships were meant to be the 'top shelf' item. They've stripped certain benefits away, added nothing, not reduced the price, and introduced another pass over the top that is less convenient, more expensive, and offers nothing more.
There's no incentive to switch, save for missing out on a few media invites - which appears to be petty to exclude those loyal members.
I feel like they'd be better off using the carrot than the stick if they want to switch people off memberships rather than to continue to regard them as second class when they were a premium product.