We're just back from five days at WDW (Wednesday through Sunday) and my take is that the only crowd problems are relative to what may be typical for this time of year, not relative to peak season crowds. Other than a Saturday night logjam in the World Showcase at Epcot (thanks to the Food & Wine Festival) and a Friday afternoon gridlock in Fantasyland at the MK (lots of families with little kids who aren't in school), crowds were much more manageable than our previous visits over Thanksgiving 2003 and in July 2002.
We had great luck with early morning trips (avoiding EMH parks) every day at every park (5-10 minute waits at all of the top rides, except for the Safari at AK) and early afternoons were pretty slick too (Wednesday, for example, we did Space Mountain twice with no waits either time). No problems getting into any park show by arriving just 15 minutes before showtime, either.
Those experiences were even in spite of great weather (all sun, temps in the 80s) and Jersey Week.
Compare/contrast with up to 90-100 minute waits at the big rides over Thanksgiving and in July, and 60 minute waits common at the second tier rides.