You really don't need to do much advance planning for the FF, which is the best part! There are a few things to do. There are tables with coloring sheets and crayons where you can sit and color. They hand out paper crowns and stickers to decorate teh crowns with. We usually bring a baggie of crayons from home, and take a couple extra coloring pages, those and the crowns are great for keeping little ones entertained in lines or waiting for parades/shows.
If you go down into the theater, they have a coronation ceremony, and it is really cute. All of the princesses come out and put on a show. They also have different princesses who come out and tell stories to the kids. That stuff is on a specific schedule, but I don't know it off the top of my head - and as far as I can remember, they don't publish that on the website, but it is in the guide that you pick up at the entrance.
The best part of the FF is getting to meet the princesses. There are 3 princesses at any given time, and you get decent one-on-one time with each. They rotate the princesses every 30 minutes or so, so you could actually go back multiple times to see different princesses. They are really lenient about letting one person wait in line while the rest of the group goes and plays at the FF, so if you have someone with you to help out with the kids, you can wait in line while the kids go do the other stuff. The line has always been about 30 minutes to an hour to see the princesses - though the first time we went, it was over two hours!
There is also a shop with all kinds of princess goodies (though it is nothing that you can't find at any other DL shop), and they also do face painting and hair braiding - I think the prices on those vary from about $7 to $25.
It is a lot of fun - plan on spending a good 2 hours or maybe more if you want to do everything. It is worth it, and you get much better interaction than you do at Ariel's.