We did follow it for the most part on both trips with Connor (20 mo and 3 yr). What I did was study, study, study before the trip, brought all my info with me, but purposely left it in the room so that I wouldn't go commando (I know myself and I definitely would). We went to the parks for opening, saved the character meals for early dinner (although I really prefer Crystal Palace for breakfast) and followed the plan, plus made great use of fastpasses. We definitely scheduled down time in the afternoon for nap and swim every day because we did a park at night too for Wishes/Illuminations etc.
If you don't get it all done (and we definitely didn't our first trip cause we all got sick), it just meant we had all the more reason to come back!!! And be prepared to do rides more than once...we couldn't get Connor off Triceratop Spin and luckily there was very little to no line, because he ended up going on it 4 times!!! It is also hard to bypass things when your heading elsewhere, especially if they look enticing, but warn them ahead of time that you're following a plan. Skip the characters in the parks if you can...huge drain on time. Better interaction at a character meal anyway.
Have fun!! We're heading back in a few weeks and already have new baby's first trip planned for January 2008 when he'll be 6 months old.