My daughter was 22 months when we cruised in May (we also have two other DDs, ages 9 and 5 at time of cruise). I will tell you that there will be some things you don't get to do because you're cruising with a toddler. We were not allowed to bring her in the pool. We tried, but got booted out by a CM ("A diaper is like a tea bag. . . " ). She did go to Flounder's nursery most nights during dinner. We tried the first couple nights to have her dine with the family, but that is a long time for her to sit. So we did her and everyone else at our table a favor and took her to Flounders for 4 of the 7 dinners. She sat through Disney Dreams (loved it, in fact) but wouldn't do the other shows. We were able to do things, but not together as a couple. One had to watch her while the other one did the activity. (You can't really bring a toddler to the Art of Entertaining series when all she wants to do is run around!) She loved the characters and the deck parties, and she had a ball on
Castaway Cay. We did have a great time, but I am looking forward to our next cruise when she will be old enough for the kids clubs. Then we won't be as limited in the things we do.
If I were going to choose between WDW and the cruise and my only child was a toddler, I would choose WDW. There is a lot more for a toddler to do at the parks. Hope that helps.