My family took an amazing trip to Walt Disney World. I found that planning your trip weeks before you leave, especially your restaurant reservations, is the best way to go because you have a better chance of getting the times you want. We took the girls to "Breakfast with Mickey" at the Contemporary Hotel. We did a late breakfast-early lunch, and because we had a late reservation time, they had a lot more alone time with the characters, and the buffet was wonderful, with everything that you could think of.
When at the Magic Kingdom, we read a lot about what there was for the kids, the times that would be best to visit different areas of the park, and also where the characters would be and what times. I do recommend that you pick up an autograph book and a pen before you get to the park because the Characters do sign the books. When at the Magic Kingdom, the best spot that we found to watch the daytime parade (and you should arrive about 20 minutes early) was in front of the castle, and for the nighttime parade it was by the log ride in Frontierland.
We also ate the Crystal Palace in Magic Kingdom, which is a character meal with Pooh and friends. It is very family-oriented. We had reservations about 1 1/2 hours before the fireworks, and because we ate at the restaurant, we were able to stand on the porch, with no crowd, to watch the fireworks.
At MGM I recommend the 50's Prime Time Cafe. Go with a sense of humor and an urge to eat. MGM is a great place for older kids and adults. There is the playhouse Disney area for kids, but do the research for your child. We only spent about a half-day there because we have younger children.
At Epcot we ate in Norway, at the Akershus Royal Banquet hall with the Disney Princess. This place is definitely a high-priced restaurant, but to see the smile on your little princess face as she meets her favorite princess is something you will cherish your entire life. In Epcot you can have your child get the stamp of each country, and they will earn a special gift at the end. My daughter loved the search for stamp area in each country. It gave her something to look forward to. She also enjoyed a special moment with her daddy in Japan, when she picked an oyster that had a real pearl in a game.
We found that going either early in the morning, having breakfast, and then leaving shortly after lunch and having dinner at the parks was more enjoyable for all of us. We would take them back to the hotel and let them enjoy the pool and relax. We did a lot of research and planning for our trip the months prior to going, so we knew what each park had to offer us as a family.