We just returned from a week long family trip to the Williamsburg area (7/3-7/11). We really enjoyed the week and it was a pleasant family vacation. It was not Disney, but it was nice and fun.
We stayed at the Hilton Homewood Suites (about 1 mile from Colonial Williamsburg) in a two bedroom suite with a full kitchen and living room (slept 8 with the sofa bed). Hotel served daily breakfast and evening meals Monday - Thursday. It was a super deal at only $150 a night for our family of 7 (8 night total of $1100 with tax - just an awesome deal).
The weather last week was brutal...and this is coming from a family who normally vacations the end of August in Disney World! Temps last week were well over 100 in the parks, so come prepared for hot. Granted, it was hot on the whole east coast, but Williamsburg was some serious heat.
Bounce ticket was another great deal...all 3 parks (CW, BG, and WC) for all 7 of us (me, dh, 2 teens, 10 year old, 5 year old, and my mom) the total was $543! Keep in mind this ticket also includes all parking and unlimited admission for the week! Such a good deal!
We did not eat much in the parks because it was so hot..we mostly snacked and would leave the park to eat a meal. Food was pricey, but lots of choices at all of the parks. We did eat at the King's Arms Tavern in CW for lunch (a decent price) and later for dinner (rather pricey).
What do we recommend?
Our whole family really loved the evening fireworks show at BG. We did our viewing in Ireland and it was lovely with the piped in music...very Disneyesque.
Any with young kids should consider a must do the the meal with Elmo...this was SUPER. We have done a gazillion character meals at Disney over the years (with 4 kids we have done them all and and several numerous times), and this was top notch. The food was good (we did lunch) but the character interaction was just fabulous.
Last, we rented a cabana at WC and we all really enjoyed that. We stayed at WC from open until close two days, and I doubt we could have done that without the cabana. At $170 a day, it was splurge, but we justified it since the other stuff was such a deal

and it did give us all day drink service, sun screen, and 8 towels to keep (yep, we now have 16 WC towels LOL).
Thought this info may help some on their way to Williamsburg this summer.