Here's the press release from The Dis main page:
"Donald Stars in Fantasyland Film
(Orlando Sentinel) - At 69 years old, Donald Duck is finally entering the digital age. The ill-tempered Disney character will lead several of his peers in a new computer-animated 3-D attraction, opening Oct. 8 in the PhilharMagic Concert Hall at Walt Disney World's Magic Kingdom. This is the first time most of the Disney characters will appear in computer-generated animation. The eight- to10-minute film, called "Mickey's PhilharMagic," replaces "Legend of the Lion King," the previous attraction in Fantasyland. Aside from Mickey and Donald, the cast will also include Ariel from The Little Mermaid, Aladdin and Jasmine from Aladdin and Simba from The Lion King. The story begins with Donald swiping Mickey's magic hat and then trying to conduct a symphony. "Of course everything goes wrong as it usually does for Donald," says Charles Stovall, new-media publicist for Disney. The plot revolves around Donald stumbling into, and then finding his way out of, scenes from the previously mentioned movies, as well as Peter Pan, Fantasia and Beauty and the Beast, Stovall said. The film will be shown on a 150-foot wide screen. Walt Disney Imagineering and Walt Disney Feature Animation cooperated to create the attraction. "
It doesn't answer your FastPass question, but I can't imagine that it wouldn't be FP. Demand is sure to be high, and all of the other WDW 3D shows are FP.