Just did it. We tend to get up whenever we wake up, head to a park, and check wait times. If something we'd like to ride has a lower wait time, we head off in that direction, and then tend to circle the park from there, getting in a line if we feel like it, skipping one if we don't. We wander and look around.
We also had annual passes, so we hopped to Epcot every evening to graze at the Flower & Garden food booths for dinner and drinks. We have our favorite places we like to get a drink and sit down to people watch, so we tend to do that, too. We didn't feel the need to ride everything, but did ride everything we wanted.
I will say, we both found it much more relaxing not to have to worry about pre-scheduled FPs, and being at a certain place at a certain time. That alone seemed to be more relaxing.