I looked at the Princess waffle maker, and it is different from the Mickey.
The Princess has the same cut out plate on the bottom, but the "belgium or traditional eggo style" waffle plate on the top.
THe Mickey has the same top and bottom plate, so it has an open well which is good for quesa's and sandwiches.
I think the Princess one will probably make better, crispier waffles but may smash everything else. Your cakes will also look more like waffles than a Princess shaped cake.
I am going to try a cooling rack for my Mickey waffles too, because mine come out pretty crispy, but then they steam, so I think a rack would help maybe set them directly on the preheated oven rack so they get good warm air circulation.