We hated the late seating! We were also put on a waiting list for early seating, but we ended up stuck with late. It didn't work for us at all. We have twin daughters that were 3 1/2 when we traveled. Even though we shifted their schedules so that they could stay up late (at home they go to bed at 7:30pm), they still didn't want to be sitting at a table from 8-10pm or later. Dinner service was slow.
The late seating also impacted our girls in the kids club. The activities are scheduled around early seating dinner. This is an example of what I mean: Because our girls were staying up late, they were sleeping until about 9:30am. We would get up and go have a nice breakfast and then drop them off at the club around 10:30am. The club went to lunch around 11:30am! My girls had pretty much JUST eaten! After lunch, they have quiet time with a movie and all the kids sit or lay on cots so that some kids can nap. As you can imagine, my girls were ready to play, especially after having to sit at the lunch table for 30-45 min.
Also, we found that the late seating didn't give us any extra afternoon time because if you want to go to the show and then the character appearances and photos and then dinner, you have to start getting ready at the same time as the early seating dinner folks.
We made things work for us - because what else can you do if you still want to have a good time?! And, we did have a good time. But, we'll be early seating people next time.