Here is a bit of background: first off I'm a life long New Englander. We are DVC members and we typically visit WDW anywhere from 2-5 times a year and usually DL about every 18 months or so. We typically stay at either OKW or AKL when at WDW but I've stayed at WL, BW, SSR and all of the moderates and enjoyed them all. We visited DLP in April 2004 (NBH) and June 2010 (SL). I certainly do not consider myself a DLP expert but I've been twice and for an American, that is a lot. In my 2 visits I encountered exactly two Americans and one was working at the Starbucks in the Disney Village. I've only personally known one other American who has been to DLP and he went from school with a French Club in 1992.
If you look at the pics of NB you think it's going to be like YC/BC at WDW but it isn't, at all. Instead of the relaxed serene atmosphere the lobby is totally chaotic and constantly jammed with people. The upkeep was terrible when i was there. I followed a huge stain on the carpet that must have gone on for 40 ft going to our room one day along with peeling wallpaper and I'm not one who usually notices this kind of stuff. Finally this resort is huge, at one point it was the biggest hotel in Europe but I think that's no longer the case. Our room was the very last room out and it honestly seemed to take as long to get from the lobby to the room as it did from the lobby to the parks. I'd actually like to try HNY but for the higher price I'm planning to stick with SL. The DL Hotel isn't even on my radar, way too expensive. I was pricing a 4 night package for a potential visit in September and SL was $1100 and DL was $2600, yikes! I just can't justify that. People rave about the old west theming at Cheyenne but as an American I found it cheesy and forced and not at all realistic. I got a very strong Motel-ish vibe from SF and Cheyenne. Where all of the rest felt like a real resort. Keep in mind I've stayed at Pop Century a couple of times (to save DVC points) and I really don't like it at all.
Now to the parks themselves. The parks are right next to each other so you can walk from one to another. The DL park is awesome. The detail, the theming, the rides and attractions (some exclusive to DLP) are truly top notch. Even the rides that are also in the US (Pirates, SM, BTMRR, HM, IASM have their own variations that really add to the charm. The park is the biggest of all of the "Magic Kingdom" parks world wide so be prepared for some sore feet. I honestly think this park could be slightly ahead of MK at WDW but not as good as the Original DL. I recommend 2 days here at least.
The studios on the other hand, is lacking in the same way that the studios are lacking at WDW. It has it's share of decent rides and attractions (do not miss Cinemagique) but the whole park feels like it was thrown together on the cheap without the theming and detail of DL next door. You will not need more than a day here, if that.
So everything here is great right? Not quite. I spend my vacation money to go to DL/WDW because they are places that take you away from reality for a few fleeting days. A good chunk of this is the CMs who go out of their way to ensure you have a great time. It's their joy and enthusiasm that help make the Disney magic. Do not expect any of this at DLP. Think of it as DL with all of the CMs who just transferred from Canobie Lake Park. Don't get me wrong, I like Canobie (are there two Ns because the spell check isn't helping) but it's an amusement park and you go there with certain expectations like you would going to 6 flags or a Paramount park or any other "amusement" park. Disney is different and when visiting a Disney park you set the bar higher but unfortunately DLP does not get there at all and it is the CMs that keep DLP from being as good as the US parks. I've expressed this on these boards several times and people have ripped me to sherds each time so maybe I'm wrong but I've been to DLP twice and each visit was identical. I enjoyed my time there but I never felt the magic. You still get that shiver up your spine when you enter the park and see Main St and the castle (the Castle it absolutely breathtaking with a a dragon in the dungeon, although my 2 year old was terrified of it) but the atmosphere is just not the same as DL/WDW. The nicest CMs I ever met at DLP were a very nice Young lady from Toronto and a nice French gentleman who lived in Chicago for 6 years, coincidence? The other problem is guest behavior which I can't specifically blame on DLP but the CMs certainly don't make any effort to curb bad behavior. Europeans push and shove and cut in line like nothing I've ever seen. Everyone needs to be first in line all of the time, you really need to prepare yourself for this and you will never get an excuse me (or the equivalent in their native language) so don't look for one. The also smoke everywhere but this never really bothered me that much and I'm a non-smoker.
Your final couple of questions: If you want to really soak it all in and go at a very leisurely pace than 3 days is really pushing it especially if you will be going over a weekend when it is noticeably busier. If three days is all you have then make sure you get to the parks at rope drop. I'm honestly not sure how busy this week is but I have to assume not was busy as Christmas week but still pretty darn busy. The weather in December is typically between 35 and 45, cold but nothing a New Englander can't handle. It probably won't drop below freezing unless there is a real cold snap.