Our daughters got to spend much more time with Cinderella at the meet and greet in Toon Town than they did at the Princess Breakfast at Epcot. When we were there in early December (with decent sized crowds) the wait for the Princesses was quite short (less than 15 minutes), especially compared to Pixie Hollow which was atleast 60 minutes every time we saw it (except when we arrived at rope drop and were 6th in line - when we finished the line already had a 60 minute wait time, but less than 15 for the Princesses.)
At the meals, the Princesses basically say hello, sign autograph books and pose for a quick picture. At the meet and greet in Toon Town, each Princess took time to ask about the girls days/trip, sign autographs, hug & hug some more with my DD2.5 who loves them so much, take as many photos as we wanted (girls only, family, etc.). The same was true of Pixie Hollow. With 3 Fairies, it took us atleast 10 minutes to get done with all 3. We spent a little more time in the Princess area (mainly because the line was not as long).
The Princesses you can find at Epcot spend a fair amount of time with them as well. We had a wonderful experience with Jasmine and Aladdin. My DD2.5 hugged Jasmine and wouldn't let her go for a good minute or two. We didn't get to see Belle and Beast, but did see Mulan and Snow White.
We did 6 character breakfasts on our trip, and I do agree that it's much better and worth the money to meet the character there rather than standing in long lines to meet them. We met so many different characters at meals, that if a line was long, we were able to skip them and catch another ride or meet a different character! We met 42 different characters in all - went through 3 autograph books!!
Have a great trip.