Retrospective is a very important meeting for the team development. Teams that conduct retrospectives regularly are usually doing good.
However, it is important that this event would not be just a formality or entertainment (while I think having a variety of formats helps to look at things from different perspectives) but would have real results and create positive change in the team, with tangible improvements over time, at the same time making team members closer to each other and providing a safe space to exchange opinions and ideas.
In order to create such an experience, the role of a skillful facilitator is crucial. Here, you can find how to run retrospectives that produce meaningful results.