We (DD 2.5 & 6) eat at the Princess Breakfast @ Epcot every trip (Akershus Royal Banquet Hall - Norway). My girls love the princesses there. The food is really good too. FYI - it's a long walk back there from the buses; be sure to give yourself a good 10-20 minutes to get back there depending upon how fast you think you can walk it. You can catch character buses to Epcot running from the resorts beginning @ 7am. (If you are staying at an Epcot resort, you can enter through the International Gateway, but make sure you have your ADR # with you)
The best tip we got from a CM at Magic Kingdom was about how to get into Pixie Hollow with minimal wait. We did MK two days in a row. On our first day, we first rode Dumbo, of course, and a few other Fantasy Land rides. By around 1030-1100am, we headed to Toon Town to meet the Princesses and Tinker Bell. The Princess line was only 10-15 minutes long, but Pixie Hollow had a 60 minute wait by that time and rope drop hadn't been that much earlier. Later that day while we waited in line for Santa, a CM was asking about our day. She told us to be at Toon Town before rope drop if you want to see the Fairies without a long wait. We took her advice and we were at Toon Town by 9:50am the next morning. We were the 6th family in line after rope drop. They spend a good deal of time talking/signing autographs/taking pics with the kids! It's wonderful (both princesses and fairies) By the time we were done in Pixie Hollow (1030am) the line was once again 60 minutes long. However, the Princess line was short again.
I love the Princess Breakfast and will continue to do that every trip (even when my girls have "out grown" them) but the character interaction at the meet and greet in Toon Town is much better. You pretty much get a hug and picture at the breakfast, although some characters interact more than others. But, as I said before, at Toon Town they spend a good deal of time with each child. They first ask their name(s), ask about their day or their trip, sign the autograph books (all the while continuing to talk to them), and then they took so many pictures of us (girls only, familiy pics) - it was great. My girls were a bit shy around the fairies, but they still spent a good deal of time with them. I was very happy with our time there. It was special for our girls too!
So my advice to you is this - Grab some Fast Passes for a ride in Fantasy Land and ride what you can there early (check to see if Ariel has gotten to Ariel's Grotto earlier than scheduled and if so, you shouldn't have a long wait to see her at all - be at Toon Town before rope drop (RD is at 10am) and as soon as you can get in, get in line for Pixie Hollow. After you are done with PH, get in line for the Princesses (if not too long - we went in Dec with
Free Dining going on so the crowd level was fairly high - a lot higher than it was when we went at the same time 2 years earlier with no free dining going on.) When you are done with the Princesses, if your daughter wants to, hop on Goofy's Barnstormer. We were able to ride it over and over again before the lines got long. Even my DD2.5 loved it! Then head to your next desired destination!
Hope this info helps out. Let me know if you have any other questions. Have a wonderful trip!