Honest thoughts on residency programs

I’ve searched the community and read through advice given to those interested in applying for a residency programs. My question is, no matter how long you have been practicing or what setting in which you practice, what are your honest thoughts on residency programs in general? Do you feel they are worth it? What do you feel would improve their value or presence? If you have done a residency, if given the chance, would you do it again? I ask because it seems the interest or regard for these programs is slowly declining.

Edited to add: thank you everyone for your insights. I did expect that cost would be a major variable in the decision. I would think this largely depends on what the program and the employer could offer. Do you feel there is anything the programs could do independent of this, if anything, to make the educational experience worth it?