I've been to Disney I woud say at least 15+ times the week after Thanksgiving and love it. And the years Thanksgiving was laster that was the 1st week in Dec. I never found the crowds to be bad - in fact I think they're a bit lighter then. The weather can be a bit wacky. Some years it was very hot, others it got colder at night and I needed a sweatshirt or jacket.
I'm not a
DVC mameber and alwasy stayed at hotels and they all are beautifully decorated for the holidays. You should try to check them out while you're there. Grand Floridian has this gigantic gingerbread house and each hotel has trees that goes with it's theme.
The Candlelight Processional in EPCOT is FANTASTIC. A beautiful Christmas celebration. It's at the theater in the American Pavillion. You don't need a ticket, but the line fills up quickly. I suggest you make reservations for the Candelight dinner plan - Like Fantasmic in Hollywood, you make dinner reservations at one of the choice restaurants and it includes priority seating for the Candlelight Porcessional plus in past years a 10% discount coupon you can use in EPCOT stores that evening. It's well worth it as you will be guaranteed a seat and this is definately worth seeing.
You should also find out what nights they are having the Very Merry Christmas party in Magic Kingdom. They close the park early on certain days and then re-open in the evening for this Very Merrry party. You need an seperate admission ticket for this. Not all the rides are opne, but some are. Plsu they have hot coca, tons of Christmas activities and shows and the highlight is the Christmas parade on Main Street (the same one you see Xmas day) and the fireworks afterwards. Plus they make it snow on Main Street I was there the first year they did it and it is truly magical. Make sure you get your tickets for this as soon as they go on sale.
Also I think they still have the Jolly Holidays dinner show. When I went (long time ago) it was at the convention center at Contemporary. It's a nice dinner with a Christmas show Disney Style. I've only been once and enjoyed it.
The Country Bear show is changed for the Chrsitmas Season. So make sure to see it. In Disney Hollywood they have the Osborne Christmas lights display which is really neat. No special admsission for this and since it's all throughout the backlot there's plenty of room for the crowds.
I'm sure you'll have a wonderful time...Disney is alwasy magical, but around the holidays it's eve more so.
Enjoy,
Wendy