The reason I ask is I don't always have people to play the higher levels and I don't want to waste half an hour looking for people some times.
I know you can get keys from the two small chests.
What are the possibly drops from the two small chests and what are the drops for the key chest?
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Chance at exotics, chance at keys, Queen's legendaries from the big chest (or is it the small chests? Can't remember), motes/coins/etc, House of Judgement rep, and so on. More fun than grinding strikes too.
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http://planetdestiny.com/prison-treasure-key-guide/
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If you have keys, yes. You bet your ass it is. The last two keys I used got me an exotic.
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In the key chest you can get an exotic once a week per character.