Did this for first time in may. It was great! Makes the visa worth more now. I signed up b/c of the rewards and this - will get our use of it for DD.
It is in the Innoventions West (on the right side when coming from main entrance - just past the Space ball).
Did it two days in a row and had about 10 min wait. Not bad since it is inside in AC, there are video games for kids to play (DH liked that), private interaction, free photo in the end. Wait times vary b/c they let one family at a time & don't rush you. Also they switch characters every 30 min or so- any 2or 3 of fab five. While they switch no one goes in. Was annoyed second day b/c they switched just before we went in & we got Mickey & Pluto again. As other people have said, the lighting in there isn't the greatest- but hey it's a free photo & private meet&greet.
We plan on going each time we're in Epcot.