We went in Sept '12 when my DS was 9 and DD 7. Our children loved it. My son is 10.5 now and wants to return there more than to WDW. He's a
LEGO fan.
On our LL park day, We arrived at 11am to allow my son to sleep in (was having some asthma issues). We stayed until park close at 5pm. I recommend getting there at park opening (usually 10am). Do the coasters first thing or last thing as those lines were long when we arrived an hour after park opening but empty at the end of the day. We spent 40 minutes in line for the dragon coaster....time estimate sign said 15 min. Everything else was walk on the day we visited.
We went to the water park portion for about 3 hrs so we didn't have time to do the entire ride portion of the park. The water park was the highlight for DD as she's not as into LEGOs as big brother. She only wants to return to LL if we do the water park. DH and DS will do the park this year, skipping water park section, in order to do most of the rest of the park this time. DD and I will tour MK and do the princess things there while the boys do LL.
Your children are the perfect age to enjoy the park. The water park is on the smaller scale....which we really liked for our children's first visit to a water park....plenty of fun for a 5 and 7 y.o......and you will probably appreciate the water break in July. If you do the water park, you won't have time to tour the entire LL ride section, but you will have time to hit a lot of things.
We did not do any of the shows the day we visited.
There are coupons in Lego magazines, etc. as PP mentioned. Can often find buy adult, get child free coupons. Check their schedule as they close a couple days a week during certain times of the yr.
Have a great trip!
