I'm not there, but here are the wait times from Universal as of 12:40p EST. The waits don't look too bad to me, but things may be different this weekend.
Islands Of Adventure
Blutos Barges = 5 mins.
Caro-Seuss-el = 5 mins.
Cat In The Hat = 30 mins.
Dooms Fearfall = 45 mins.
Dueling Dragons = 20 mins.
Grinchmas = 14:00 (next show time)
Incredible Hulk = 65 mins.
JP River Adv = 10 mins.
One Fish = 20 mins.
Poseidons Fury = 15 mins.
Ripsaw Falls = 5 mins.
Spider-Man = 60 mins.
Storm Force = 15 mins.
Universal Studios Florida
Animal Actors = 13:30 (next show time)
Barney = 13:15 (next show time)
Beetlejuice = 13:15 (next show time)
Disaster Studios = 10 mins.
E.T. Adventure = 15 mins.
Fear Factor = 13:30 (next show time)
Horror Show = 13:15 (next show time)
Jimmy Neutron = 45 mins.
Men In Black = 15 mins.
Mummy = 30 mins.
Shrek 4-D = 35 mins.
The Simpsons = 30 mins.
Twister = 20 mins.
FYI - You can access the latest wait time information provided by Universal Orlando using the following link:
http://66.77.171.132/MobileWeb/ParkMenu.aspx