We just got back from our first WDW trip last night and I have to tell you, if this is the "slow season" then I don't want to know what busy season looks like... Even Wednesday at MK was way more crowded than we expected.
Saturday at MK was absolutely insane. We waited almost 2 hrs for Dumbo, which kept breaking down (big mistake on our part, and we gave up). I realize that a Saturday might not have been the best day for MK b/c of the electric parade, but I just could not believe how it was wall to wall people all day. We were able to escape to Adventureland during Wishes for a break but, WOW, Feb was a lot busier than I expected.
I do beleive that the cheerleading and field hockey competitions greatly affected the crowd levels. Also by Friday, I did see and meet a lot of people from Louisiana/Missisippi who were there for Mardi Gras. There were also a TON of tour groups at Epcot on Thursday!
Anyway, I'd still rather go at this time of year than in the summer with the heat. We still had a great time and I can't wait to go back!