Hi Chico
We did the "Family Magic" tour last August (myself, DH, and then 7-yr old DD) My DD has an absolute blast and still talks about it. I told her we were signed up for a tour to look for "talking garbage cans"

and she believed me!!!
When our tour guide arrived and told her we were supposed to be counting hidden mickeys, she was disappointed about not finding the garbage cans

However, being told we only had until noon to save the Magic Kingdom from the villains quickly won her over - she was desperate to help!
My DH was the official videographer and trailed after us filming everything rather than actively participating although he would when cajoled to do so. I found you have to check your dignity at the front gate. If you care about people watching you make a fool of yourself, this is the wrong tour! We barked our way across Town Square, slithered through restaurants, danced along the sidewalks, etc. As I said, DD simply loved the whole experience.
We found Peter Pan and Wendy waiting at the end of the tour. They posed and signed autographs, then led the children to the Its A Small World Ride and rode with them (parents got to go too but sat behind them).
There were 5 families on our tour. Four loved it, but the fifth quit half-way through. They had three DS's - the 10 and 12 yr olds thought everything was "lame" and wouldn't participate. The 5 yr old was terrified and kept crying. Apparently, the reaction was not typical, though.
If you have any other questions, feel free to ask!
Arlene