A little of both. Like any restaurant near your house, a reservation will help you get seated at your desired time. You can walk up - and you may be seated in short order - or you may have to wait awhile.
Since reservations are non-binding, I always make them ahead of time and then if we do not need them I cancel them.
We were in Disneyland 8/5-8/7. We reserved the character dinner at Disneyland Hotel...can't remember the name of the restaurant...and the World of Color Dinner package at the Italian restaurant in California Adventure. When in line to check in for the WOC dinner, a lady in front of me asked if she could be seated although she had no reservation. At first the answer was no, but she was persistent and asked again and they took her name. She was seated about an hour later. I guess no ressies is a chance you take. I personally wouldn't want to chance it, especially if there are places you really want to eat. BTW, I HIGHLY recommend World of Color...it is really fantastic! It gets extrememly crowded, so I was glad we did the dinner package...good luck!
If eating at BB, CC or CO in DLR I do suggest a reservation, I've been turned away from those places due to not having seating available. If eating at DCA I like to get reservations for AG. For character bfasts I suggest having a reservation.
While we have been seated as walk ups at the places I did list we have also been turned away. Of course if you are turned away then you can always call Disney Dining right there and make a reservation but it may not be until the following day.
At DL, I've had good luck getting a table without a reservation at the Big Thunder Ranch BBQ and Cafe Orleans, but I don't tend to go when it's super busy.
I think you can also walk up to most of the DTD restaurants and get seating in a reasonable amount of time. The only places I've ever had a problem was at Naples (the wait was 90+ minutes).
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