I probably shouldn't respond since my school/situation is entirely different than pretty much everyone else's (the CP didn't affect my school at all, I was able to do the college program in between semesters so I did three CPs and still graduated on time). However, you said any advice is good, so here goes:
I think it would be better to do the CP earlier rather than later. Depending on how comfortable you are living away from home, and how you're doing financially, I would recommend doing it as soon as possible. Many people, even those who love Disney, do the CP and realize that they love visiting Disney, but working for the company is not for them. If that is you, you'd want to know sooner rather than later.
Also, I think it's good to do earlier because that way when you do finally graduate, you can show Disney how you already have worked for them and have time under your belt. That looks good to Disney as well.
Five reasons why I think people should do the CP following their Sophomore year:
First, that'll give you enough time to get to know your college and major and make sure that you still want to go down that road.
Second, it'll get you a little bit used to being more on your own and away from parents so you're not one of the more immature roommates in the CP housing.
Third, it'll also give you enough time to start making sure your finances are in order and hopefully, you'll have enough money to go with student loans (and not having to worry about paying them back).
Fourth, it'll still be early enough that you can change your mind about working for Disney if you decide you hate it.
Fifth, it'll give you time with Disney so that if you love it, once you graduate you'll already have experience working there.
Also, I went right after my Sophomore year and it worked for me. Anyway, I'm sure whenever you choose will be great. And don't just take my advice. I'd be interested to see what everyone else thinks. This is just my opinion.

Good luck getting in!