I went around that time last year with my fiance and it was crowded. Then again the crowded in July seemed the same as the crowded in August. I assume that a lot of schools are getting ready to start again so a lot of families try to squeeze those last minute vacations in.
I also read on mouseplanet.com that as of July 30, the Tiki Room, the Plaza Pavillion and Aladdin's Oasis will be shut down for a 7 month rehab. Snow White's ride will close on August 23rd, and Big Thunder Mt. is closed until further notice it seems.
However I still think you can get a great vacation even with all of these "set backs", I believe these things don't deter the crowds and it will more than likely be crowded. If its any consolation, the park should still be open 8am to Midnight. Hope this helps