Personally, I found CA could be done in less than a day. I'd suggest that you send one of your party over to CA as soon as it opens to get FASTPASSES for Soarin' Over California (a "must see"!). Then do DL for the first couple of hours; head over to CA about 45 minutes before Aladdin showtime (also a "must see"). An added bonus is that by this time, it will be getting crowded in DL and you'll be able to retreat to the relative calm of CA for the rest of the day.
Once in CA, take in Soarin' and then send someone over the Grizzly River Run for FASTPASSES. Head over to "Hollywood Studios", grab lunch at Award Wieners and take it with you to the end of the street to the line-up for Aladdin (the line-up is outside so you can eat whilst waiting, thus impressing everyone with your multi tasking abilities).
My youngest quite enjoyed the Bug's World (name?) area but it's definitely aimed at the younger ones. If your kids are older, you could skip this part of the park.
A word of warning about Grizzly River Run - I got absolutely drenched so either buy one of those rain ponchos (available at the store next to the ride) or take a change of clothing (right down to dry undies!!!).
My kids loved Redwood Challenge area - it also gives children a chance to blow off some steam while parents rest on the seats by the entrance. There's only one way in and out so the kids can't escape!
We ate dinner at Ariel's Grotto on our CA day - the food was fine but nothing extraordinary. However, since our table was visited several times by lots of different characters, I think it was well worth the $$$$.
I think Paradise Pier looks lovely at night - all the lights really add to the atmosphere. However, with the exception of Mulholland Madness, my kids (aged 5 and 8) thought the Paradise Pier rides a bit lame but we didn't try the Wheel or the Rollercoaster.
Finally, you can catch the Electrical Parade - we saw it from the general vicinity of the "Golden Dreams" location and had a terrific view. There is quite a lot of space for watching the parade in this area and you don't have to get there 30 minutes in advance (although doing just that will ensure that you secure a "prime" spot).
If you're all done in by this point, make your way to the exit but hang around just outside the gate - it's a very good spot to see the fireworks. (The absolute best is right in front of the Castle in DL but this is UNBELIEVABLY crowded and you need to get there at least an hour early to secure a spot!)
HTH and enjoy your trip.