These are my thoughts exactly! We loved Hawaii when we went. We had family there at the time, and stayed with them, so we did not pay for accomodations. And we didn't eat out that much, other than one luau. And still, paying for mostly airfare, and a few attraction admissions, the Hawaii trip was more expensive than our WDW trips have been. And time on the plane was brutal. Seemed to take forever. We always drive to WDW, which I prefer to flying. This is my opinion, though, and not all may agree with it. In fact, our drive to WDW takes about the same amount of time as a flight to Hawaii. (Our flight was actually was way longer because of significant delays but it should have been about the same). But I would much rather do 12 hours in the car, where we are in control- than in a plane/airport where we have no control or privacy. I would carefully consider your mode of travel with a toddler. I cannot imagine traveling to Hawaii with a toddler. Even flying to WDW- you would arrive in a much shorter amount of time. So while I think the actual experience of Hawaii would be a better choice than WDW, I would probably choose WDW while the youngest is still a toddler, and choose Hawaii later, when travel will be easier.