It is back by IASW and towards Toontown. It used to have a stage show portion where the kids could go through a "coronation ceremony" and have storytime with one of the princesses. Now it is just the meet-n-greet for the princesses. There are 3 princesses (sometimes you see a 4th if you are there for a shift change). A line starts and moves somewhat slowly to get to the area. The princesses are closed off behind tall walls and you can't see which princesses are there at the time. When it is your turn your kids are greeted by a princess (they sit apart and you kind of move along to each one) and she will talk with your child and sign their book and pose for photos. If you don't have your own camera they have photopass people there to take the pics for you.
Hope this helps. My girls LOVED it last year but this year we are eating at Ariel's Grotto instead.