We've found our time first thing in the morning is better used hitting other things, such as Matterhorn, there always seems to be such a crush of people to PP when we're there.
The draw of peter pan is that it has the best use of fantasy in any of the Fantasyland attractions. It also follows a story line, which I will acknowledge by the end of the ride is has disappeared. It involves us in the flying in a highly detailed fantasy vehicle. It has surprises. And was created with elements, now considered primitive and enhanced with refurb, that at the time were fantastic and still fantastic who treasure this 1955 attraction.
Though not encumbered with tons of color and detail at every turn, it provides a foundation that we all seek for any attraction. I consider the kitchen of the seven dwarfs to be the best themed area in the whole park. Nothing comes close. But we are whisked by so fast in the mine car, and looking ahead, that our glance is very minimal, which is why I encourage folks to ride Snow white three times in a row, soak in all the beauty of the kitchen. Peter Pan allows us to absorb London, the moon, the volcano, the ship, - we are actually flying above London and the moon. the surprises along our trip We are involved. I feel that no where else in a Disneyland fantasy setting.
But I will only ride it once a day, the chains just depress me in a manner not found elsewhere as no other attraction chains can
We only managed to ride PP once this week. We aren't rope drop people, so I was impressed with myself for showing up at 8ish for the magic morning. We spent 30-40 minutes in line, and I insisted on just staying put because I knew none of us would be willing once it started to heat up. I'll admit that my memory isn't the best, but the updates are subtle. What surprised me was how rough it was on the finish! But maybe it's just me.
Oh no! Does Peter Pan breaking down first thing in the morning happen often? Now I can decide between rope drop or trying our luck at the Halloween Party but I have read that the line has been pretty long during party hours also!
We dashed to Peter Pan on one of the days we entered at park opening..... it is just a DL thing to do! The line may look really bad,it spills out onto the walkway, but moves fairly well early in the morning.
I missed it last trip in August, just too busy on a D23 trip, but will make sure to ride next time in February.
The OP asked about going on a Wednesday morning and I've got to think it'd be better than weekends. However, the PP v. Matterhorn dilemma is real, because there is no FP for the Matterhorn and the lines are constantly heavy there as well. Last weekend, we stood in line and when we finally reached the cusp of being seated it broke down. Never made it.