The dining plan for your child would be $11.99 a day.  The character meal covers the cost of the dining plan.  You would still get a snack and counter service meal (with dessert) that you wouldn't be paying for.  I have a 4 y/o that eats like a bird -- I figure we'll come out close to even with him but well ahead for the adults in the party.  My dd will be 2 so we will be doing the share thing with her.