For DH and I the characters are THE attraction. Just seeing our DD2 scream with excitement "M I C K E Y!" while a giant mouse is walking towards her is great!

Truly, the interaction with the characters have been phenominal. The pictures are priceless! I love the character meals because the characters come to you and we all know a toddler is not going to wait 45 minutes in line for squat!
I highly recommend EPCOT's KIDCOT. We are teaching our girls to say Hello in the countries language and a little about the countries. Our girls have a great time with the CM and they really appreciate us speaking their language. I usually don't let them color the things they attach to the mask. I have crayons in the hotel and let them color while DH and I are getting ready in the mornings.
Magical Beginnings is a fantastic guide. The download is great. You can also ask for the guide in the park or your Disney Hotel. When your kids can ride Goofy's Brainstormer (40" tall I think) be sure to mention to a CM it is your child's first rollercoaster ride and they will give them a little card. It is cute!
We have skipped HOURS of waiting by going to a CM and asking to do babyswap. I expect to wait my turn in a line and every time we get taken a back way in and get right on. I will take a DD, come out, let a cast member know we are doing babyswap - same one if possible - GET THERE NAME and DH is on with second DD. We still have not gone on half of the rides mentioned (they are on my list!). It just depends on how the girls are doing. Our Miss Independants want to see and do it all NOW. They get over stimulated with the music, the crowds, the lights, the shows. They are adjusting to sleeping in a hotel room, restaurants 24/7. They don't want to miss a minute, inevitably the exhausted tantrums set in. You know it is going to be in the middle of Mainstreet. We have a general plan and a hope to do list when in this part of the park but we keep our plans flexible, work around the girls routine making sure that nap gets in there!
I know that before we had kids, DH and I would be at the parks open to close, ride everything and basically go commando until we dropped. The first time we were taking our oldest DD when she was 10 months (grandparents HAD to spend her first Christmas with the first grandchild in WDW). I planned, I over packed and planned some more. Once we got there, DH and I realized we needed to go with her flow and we just are not going to do all we wanted. Disney has taken on a great new perspective for us. It has been truly magical to see WDW thru their eyes.