I would take Raglan Road over Teppan Edo more often than not, but mainly because we have the hibachi steakhouse option at home...and we do not have anything like Raglan Road nearby. Both of our kids are dancers, so they enjoy the general feel of RR. However, if going to RR, double-check the general timing of when there will be dancers and/or a live band to ensure that it is happening while you are there (we did brunch there one Sunday, and it seems like the dancers didn't really get started until after lunch, so we made sure to time our ADR accordingly). Also make sure that you request a table in the main room near the stage, if at all possible. When we went the last time, there were lots of empty tables in there, and they still took us to a back room and dropped us at a table behind a wall in the corner, with no view whatsoever of the stage. We asked to move, and they were happy to move us back into the main room, thankfully.
With that said, Teppan Edo is good, so if the hibachi dinner (show) is not something you can get at home, or if heading over to Disney Springs for RR is going to take too much time, then you'd still be fine at TE, especially knowing that your kids enjoy it.