they send the invites out, you can also call to be put on the list most of the time before the events they will ask you about it in store. to all the ones I've been with, its during mall hours.. but they close it to "everybody" but those on the list, however I've also never heard of anybody getting turned away at the door. I've seen many people ask to go in and just told to get in line with everybody else without a problem.
as to what you get.. to all the ones I've been to is you get a huge headache from the music blasting, really long lines and a hard time getting to the products as there is only the normal amount out. I've never seen anybody get normal product free, there are party favors once and a while like with fafi and the color pencil set and book, but thats rare from what I've seen and been to.
however you do get to buy it like 2 or 3 days before everybody else, is it worth it? IMHO I would say it's not its a bit of a hassle to me.. and the only time I've ever had problems where things weren't put into my bag that I had payed for (mac corrected it as soon as I noticed but it still meant going back out to go get it, so check your bag once you get out the store, I've also gotten wrong items before)