It is basically a little kids waterpark with the sesame theme. There are 2 or 3 shows one being "elmo's world" which is just like the the tv show. We have gone two times, when DD was 2 and then when she was 3 with DD1. DH wants to bring them back again this year. There is a lot of interaction with characters, DD has great pics with Telly, Elmo, cookie monster, rosita and Oscar. There is a lazy river, wading pools, slides, and a few dry attractions as well. DD's favorite was a huge "bed" that you jump on. I liked the fact that the kids jump in groups, old ones and then the younger set so you don't have to worry about your kid getting trampled. There is couple of rides, obstacle courses, huge ball pits and a big parade, can't compare to Disney of course but very cute!! DDs loved it there. Tickets are pricey around $35 a person. Your little one would pay as well, that part is crappy. But the good side it gives you two days for the price of one. The food is disappointing, however. Last time, we left the park and went across the street to Taco Bell for lunch.
Can't help with hotel rooms as we stay about a 1/2 hour away because we make a week of it. Philly, Sesame Place and NJ aquarium, so we stay central to all three. I know if you go on the website, there are hotel packages.
All in all, we would definitely go back. Maybe this year if we can squeeze another weekend trip after Storyland in NH. Have you been there?