Disney stock has also tripled in value in the last 5 years so there is more to a stock than a dividend. Even a 5.5% dividend will only make you 30% over 5 years, vs the 200% Disney would have made, 7x as much. I love that the dividend went up, but I hold Disney for the appreciation. I think it'll break $100 by summer. Major movies coming out this summer (Inside Out, Marvel) plus Star Wars in Dec and Incredibles 2, Nemo 2, and Frozen 2 on the horizon to keep the buzz going.
I have stock that has tripled in value that was paying a 5% dividend when I bought it and is still well over Disney's lousy 1.2%. Merck has been incredibly good to me, as has BP and Verizon. And not that I own it anymore, but I turned over Netflix two years ago twice for an incredibly effective sequence of gains.
Disney is an OK stock, and I'm happy to hear they are raising their dividends. But its far from a great stock over the long term in either gains or dividends. If you time it right (I've bought and sold Disney half a dozen times in the past twenty years), its quite lucrative. It isn't a good buy and hold play.