We went with our 2 yr old at the time and it was wonderful. She is 13 now. We went at 2, 4, 6, and 8. The first time at 2 was exploratory and we did not have high expectations. We had a wonderful time.
We always stayed at the Polynesion (right on the monorail line) with easy access to Magic Kingdom to run back to the hotel via monorail or boat to nap or whatever we needed in the room.
Our daughter loved it, as did we. Each time we went, we upgraded the area within the Polynesian where we stayed. I could have stayed at the Polynesian the whole time and not gone anywhere because it was so nice with the beach, etc. We all loved Animal Kingdom as well. Of course, daughter was dressed in her favorite Princess outfit or whatever she liked as we enjoyed ourselves. Her favorite to this day is the boat ride to and from Polynesian to Magic Kingdom.
We have actually talked about going back one more time just for fun times sake to the Polynesian to relive some great memories we have. We loved the character breakfasts, character dinner at Contemporary, Luau, parade, other character featured dinner/lunches and fireworks at night. On the next trip, we might attempt (I say we...HA I don't ride) the bigger rides and things we did not do when we were there last to create one more memory. Of course, we will do without the autographs and character stuff next time around. We've moved on up to teen hood!!
I say go and have fun.
Susan