We just got back yesterday. Were at the parks from the 22-26th. I'd say to go for it so long as you are smart about it. We had a blast and got to do pretty much everything we wanted to do, bearing in mind that we had 'priority' things we wanted to hit, other things (like Jungle Cruise and 3-D movies were on a 'if we can make it without waiting more than 20 minutes' basis).
1. Stay on site so you can take advantage of am EMH hours. The pm EMH hours tend to be a bit more crowded (but still manageable). I prefer the AM hours since people tend to stay out late, and then not feel like getting up early in the morning.

I am not an early morning person, but I make an extra effort when at Disney.
2. Best place for the evening parade and fireworks at MK - the back of the train station on main street. Hubby and I staked out a spot up there around 6:30pm for the 8pm parade. Sat at a table with a lovely couple from Chicago and had a very nice chat until the parade started. We had a GREAT view of all of the floats, without being hemmed in down along the street (we were up on the back of the train station on the platform/balcony).
3. Hit the 'hot rides' FIRST THING in the am!! Christmas Day we walked onto Expedition Everest 3x WITHOUT needing fast pass (less than 5 minute waits all three times and that was at 9:30am!!!). Did the same thing on the 26th between 8:30-9:30am.
4. Avoid Magic Kingdom on Christmas Day --- until late in the day. We did Animal Kingdom and got TONS done by noon (didn't arrive until 9am eventhough they were open from 7am). Part of the family went to MK around 9pm and closed the park (it was open until 1am...they were turning off lights in Fantasyland when the family members finally left!). They managed to do LOTS of rides during that time.
5. If you want to do the big rides at Epcot and DHS get there EARLY and do them first. We didn't do much at Epcot as a result of getting there late in the day and tired feet *lol*. I tried to get there early, but was overruled by the family (another hint...avoid 'navigation/decision making by committee' it doesn't work and is a pain in the rear!)
6. If you want to book a character breakfast do it more as 'brunch'. We has an 8:15am ressie for a brekkie at DHS, didn't arrive until right before it (my family just WOULDN'T listen to me about getting there early) and by the time we were done eating, the fastpasses for most of the major rides were around 11-ish. It didn't help that Toy Story Mania was down in the morning, so they were handing out fastpasses instead. The Fastpasses were good at 3pm by around 9am!
7. Last but most important - Get to the parks early...have fun....then go nap/rest from 1-5pm....THEN go back to a park and have MORE fun.

)
8. Okay I lied...one more VERY important thing -- no matter WHAT the weather channel says, be prepared for BOTH colder and HOT weather!!! WChannel said it would be cool all week, so we only brought jeans and long sleeve shirts...it was in the 80's every day!! We had to buy t-shirts and sweat through jeans the whole week - NOT FUN!!! Come prepared for anything.
