I was there about a week ago. Nothing was 5 hours, or even close to that. But the FJ ride was an hour or more wait when we were there. There were people everywhere though. In the shops and just outside in general. The line to get into Ollivanders snaked outside for quite a bit. I'd say it was close to an hours wait as well. The stores we went into were wall to wall people, and the people working the registers didn't seem to interested in getting people out in a hurry...We were in line close to 10 minutes and there was only a couple of people in front of me at the time.
I would say, go in the early morning if you can, the closer we got to noon the more crowded it appeared to be.