For $119 on a seven day cruise this is a good deal for those who would eat in a specialty restaurant each night. It would also be great if it included lunch in the Noodle Bar or Chinese restaurant. These are usually open for lunch.
I'm not too up on the conditions of the package but I also hope that you can use it multiple times in one restaurant. Italian is not my favorite but I love Cagney's, Le Bistro and Moderno.
When we sail on NCL, we usually budget about $100/pp for alternative dining but usually don't spend that much. We will have dinner in the MDR once or twice on a seven day cruise.