Crafts all day over to the left. Crayons and paper with a design to color on, and crowns with stickers.
Just to the right of the crafts area are stairs to the stage area.
At scheduled times there are storytelling times, where a princess (unknown until she comes out) tells "her" story. Kids sit on the ground, and parents can too, though if the kids are older the parents often sit in the bleacher seats.
At other times than the storytelling, there's the coronation ceremony. We've never seen it but there seems to be both princes and princesses there, dancing and such.
Way over to the right is a little store with princess stuff and foam swords and shields in a Prince Phillip crest design.
And smack dab in the middle is the long line to meet princesses. You don't know who is in there until you get in there, and you can't wait for princesses you'd rather see, though I've heard here that the very first and the very last set of princesses are the big ones (Cinderella and such). My son (who wanted to meet princesses) met Belle, Pocahontas (he thought she was Sacajawea since we'd been watching Night at the Museum repeatedly in the weeks before our trip), and Princess Minnie. He was fine with that (though not really that into Belle, having no clue who she was). But if your princesses are really into specific princesses and can't handle it if they can't see certain ones (or WORSE, watch their favorites LEAVE like we saw Cinderella and her prince do), I wouldn't do the meet/greet.
Hope that helps! I have some pix of the Faire area in my May trip report in my signature.