You will either love it or hate it, and there is no way to be sure until you try it yourself. The crowds are ridiculous, but you have all of the Christmas stuff going on. Me - I'd rather stab myself with a fork than try it again, but my wife loved it.
It is pretty much the most crowded time to go. If you want to do it, start planning NOW. People have been booking rooms and making dining reservations for months. Don't mean to put you off, but you really need to get planning for that particular week.
If you can go either in the beginning of December or in January, you'll enjoy yourself much more, crowds-wise (and budget-wise, particularly for January).
As some have said already, it is literally the busiest week of the year at WDW. We went at Christmas in 2011 and left on the 28th. The 24-28 days were insane. 45 minutes for Small World insane. The weather is nice though (Google Orlando weather December to see past highs and lows). If you go I would definitely start planning now. Good luck.
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