Jen - You just prompted me to go through the "lanyard or no lanyard" exercise with DH and Katie. I think we decided we're not going to buy lanyards in advance. Katie and Chris are planning to carry their KTTW and fast passes in their pockets. I may or may not have pockets, but I will carry a small backpack, so I can put my stuff in there. DH just said he's worried about our cell phones on wet rides. I told him I have that covered already

I am going to carry ziplock bags inside my backpack for those things.
Thanks for the planning tip, though. If we decide we need lanyards, we will buy some at WDW and they will definitely be Disneyfied.