Although we have never done breakfast at CP, we do lunch every trip. It is wonderful. Our tip is to get the earliest lunch time, 11:30, I believe. We usually check in early also and then get one of the first seatings.
In our experience - We did several character breakfasts this past trip (with 6yoDD and 3yoDS). In the futue, we will eat most breakfasts in the room and go big with lunch and dinner. Our kids just aren't awake yet and aren't big breakfast eaters so we never get our money's worth out of the breakfast buffets.
I would pick the time when your family is at their best - some people do mornings better than we do - so you have the most fun possible. Have FUN!!