Medieval Madness is very cramped, but people are seated on both sides of the table, so it's easier to converse with your group. The show is done in multiple segments (assuming they haven't changed the format), so there's time to talk and eat between show segments.
What I recall is that the food was good, probably comparable to Medieval Times. And like MT, they also probably make a lot more money on the alcohol.
When we went previously, we had gotten $30 tickets through "Living Social" or Groupon or something like that. That's a much better deal. Our impression was that the $30 tickets were a good deal, but $60 is a little high. If we can get a $45/person rate, that would be fine I think. It covers the dinner and the show.