Cape May is one of my favorite cahracter breakfasts and I've been there many times. The food has always been good and they have Mickey waffles!
The characters are usually Goofy, Minnie, Chip n Dale, Puto and maybe once in a rare moon Mickey. Since it's a hotel charater meal I find it to not be as noisey and hectic as the others.
This Sept. will be my son's first trip to Disney - he'll almost be 2 at the time. We're staying at BWV and I have 2 ADRs for Cape May breakfast - one the first full day we're there and the other the last day.
If I were you, I'd keep the reservation. And afterwards you're just a stroll away from EPCOT.