remember a child will find the Disney MAGIC in everything, not just what is exciting to you. Our #1 rule is be FLEXIBLE. WE have been taking out son to WDW since he was 6 months old and he has enjoyed the trips to date (all 7 of them), but we are very flexible with him. Since, we visit WDW quite a bit we usually allow him to "plan" most days (this means we just "be-bop" around at a slow pace taking ibn the sites, sounds and excitement. Characters are the big thing right now as he has become a collector of autographs.
Do not skip any park!!! I agree there is a lot for a toddler to enjoy in EPCOT and all of the parks. Try to take some part of each day to let the 2 year olds set the pace, you'll be surprised how much more you "see".
The next part of this message is my reviews advice from an earlier post, it can be skipped, but I feel my advice in BOLD below still holds true with travelling with toddlers.
Most of all go and enjoy the trip.
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Below is a copy of a posting I made on another topic, I modified it a little to provide more of our ideas:
We had our son at WDW first his first trip at 6 months of age - he was great on the flights and was fun watching him touch and explore the characters "feels". He was pretty much a blob, but after 14 years of marriage and 15 or so Disney trips - Daddy wanted to take his son to WDW!!!
The next trip he was 15 months or so, he was totally different really enjoyed watching the lights and was very good on most attractions - only Bug gave him the scares.
Trip #3, was at 18 months. Things started getting more interesting he was really into checking out everything. Still loved the characters, ran up to all and any he could find and gave the biggest HUGS to all. Great to see him discover DISNEY MAGIC, very happy to help Daddy (me) find the DISNEY MAGIC again. As adults we sometimes overlook the simple things in life and the small details that make WDW special, especially to kids. I think this is the first trip he was really old enough to enjoy.
Trip #4, 26 months old (2 yrs 2 months) - went for Halloween. This was a GREAT trip and age for him. We went to the NSSMHP and he was dressed as "Mick" as he calls him. He had a ball, really had great interaction with the characters. Once again, like always before rode almost everything he was allowed. He even loved BUG, things change fast with little ones. He got into all the shows - LOVED Tarzan and Fest of Lion King. Parades were a must. Iluminations every night we could, he knew the whole show by the end of the 10 days. We stayed at AKL, he was up and the crack of dawn to see his animals. He is now a DISNEY vet, and knew what he wanted to see and do.
Trip #5 - Jan/Feb 02 - second anniversary of his first trip. He is now really into the whole WDW experience. It is amazing how much a 2 1/2 yr old can remember and do. He was perfect during this trip. Character interaction was a lot more playful. We ate at 5 different character meals - funny how a character doesn't have to say a thing, but can get a child to eat everything on his plate . No attractions were off limits as long as he met the heigth requirement. His favorites: TARZAN, Bug, Muppets, Playhouse Disney, Pooh, Buses (yes - he thinks it is an attraction to ride the bus, in fact he told me it is his favorite ride), monorails, anything that is a boat and the Railroad (the kid loves trains). Illuminations, he is now a tour guide. A lady next to him one night tried to tell him what was going to happen, he shushed her and at the exact moment of the first firework exploding "poofed" his hand in the air. She giggled and asked if he saw it before, we said only 20 or so times. He then continued to give he play by play of what was going to happen. WE felt sorry for her, but she seemed to enjoy the commentary.
Trip #6 will be in a few weeks. He will be just under 3 yrs old, last freebie. He is really excited about this trip. We already have our plans on what he wants to do and see. WE kept maps of each park. He looks at them each day, crosses off his calendar and watches the 100 yr video. I cannot wait, except for the heat of the Summer this should be another good trip.
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Words of advice, remember these few things.
1: You know your child best. No one can tell you when it is right for you to take your child to WDW or anywhere or what he/she will like. We are fortunate to live within 10 minutes of an amusement park. Our son was riding his first rides at 3-4 WEEKS OLD . He was raised in and around amusement parks and is VERY comfortable with crowds, characters, eating in restaurants and etc. Take a very honest look at your child and make an intelligent decision, use others advice, but EACH child is different.
2: Try to go at the CHILD'S pace, not yours. Yes, you will not see everything, but then again who is this trip really for. I read many posts where the people say that they are taking their child to WDW, but then go on to say what they want to see and do. Ask your child what they want to see and do, and do it. If they find feeding the ducks on the grass in front of the Castle fun - feed them. Watch their faces light up over any little thing they come across and discover. Yes, take some time to do what you want to do too, but we found to really enjoy WDW with your child let them discover the magic on their own. You will see plenty and probably see things you'd overlook trying to get to all the attractions you want to see.
3: Children change their likes and dislikes very fast. Even during one trip, what he/she liked at the beginning may be off-limits at the end and vice-versa.
4: Know where all the first aid buildings are and where the children centers are and BRING YOUR INSURANCE CARDS!!!!
Accidents do happen, we got to visit Disney's Celebration Hospital on our 4th trip. He tripped over the uneven pavement in AK and did a number on his lip. The CMs will be very helpful, but knowing where everything is before time can come in handy.
5: Be FLEXIBLE. Most children have little patience and less of an attention span, so be flexible and try to keep them happy. Unless we have PS or really want to see somethng or a particular park on a given day, we take the first bus that arrives to start our day. We find it fun to go with the flow without any real plans. I know this will not work for everyone as most people have limited time to see the parks, but remember WDW is not going anywhere anytime soon and you can always catch what you missed on the next trip.
There is our advice and experiences on this topic. Bascially, use common sense and know what your child is capable of. Also, do not believe others when they tell you that a small child will not remember anything from his/her trips at an early age. My son tells me things that happened on his trips that even I forgot about. You ask him what he did when he was dressed as Mickey and all he wants to talk about is how it rained that day (the only rainy day he had at WDW, so to him it was an event).
Go and enjoy the parks with your child at the age you choose, I am sure that everything will work out fine.
If you have any specifics you want answered or an opinion on, just ask.
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But that helps to get them ready for the trip so they can recognize the characters. 
