Princess Fantasy Faire (or more strictly, the "Walk of Fame" I think this part is called) is always basically a long line and at the end, you can meet 2-3 princesses (most often 3 but the official line is "2 or 3"). The line is rarely under 30 minutes, and over an hour is not unheard of.
If you are visiting at least during Summer Nightastic! season, they also had storytelling and the Coronation Ceremony behind the waiting area. Storytelling is just a princess telling her story; kids (and adults) could sit close or in the bleachers and listen.
I'm not sure if it's still working this way now, but we saw the end of the first Coronation Ceremony of the day--3 princesses danced and it was pretty cute. Then a few minutes after the ceremony, the princesses that were in the ceremony came back out for a meet-and-greet, so you could actually get in line and meet the princess of your choice (out of the three).
By getting through the Princess Fantasy Faire line about the time the coronation ceremony started (the line was about 30 minutes, probably because the park opened the same time as the Fantasy Faire), and then hanging out after the ceremony, we would have in theory been able to meet 6 princesses in about 1 hour! (I wasn't real interested in meeting any of them--I'd met my favorites, Tiana and Belle, in the "Walk of Fame" itself--but my friend was finally able to meet Aurora.

)