As someone who has always wanted to get in a hot air balloon, this attraction was worth the trip to DTD for me. I rode in February, at night. As luck would have it, while we were up there, we could see fireworks.
The night we rode, it was breezy. Therefore, the balloon didn't go up to its fullest height. (I read online that if winds are greater than 22 MPH, the balloon doesn't go up.) And, the tickets were only sold a few at a time, so that if the winds really picked up and they closed it, no one would be standing there with a ticket but no ride.
I think we had a 30 minute wait, but that's because they were limiting it to 5-6 riders at a time. The ride is 8-10 minutes. Again, the number of riders on the balloon will depend on the wind speeds, and that number will affect how long you might have to wait. Very enjoyable though. My knees were shaking at the start, and you could feel the balloon as it swayed in the breeze.
Maybe a call to WDW will be able to tell you if it's running.
Up, UP and Awaaaaaaaayyyy....
