Annual Pass holder here.
First and most important point to make is that Magic Kingdom IS DRY!!
Remember that when you really want a drink at the end of the day. All other parks serve alcohol.
Get you tickets now, download the Disney World "My Disney Experience" App
(CHECK) (which is an awesome tool when you are looking for rides as it updates with wait times regularly)
(I did this yesterday, have been playing with it today, checking out the wait times etc), link all of your tickets together in the app and set up FastPasses right away
(CHECK) (if they come with your tickets) as they fill up fast for certain rides. You might want to check out the Park Hopper option so that you can go to multiple parks in one day.
(We decided against any Hoppers since all 4 parks get 1 day each, 2 for Magic Kingdom) You can park at one place and Monorail/Bus to the other parks.
What to do at the parks (basic):
EPCOT - Soarin', one of the main attractions, is current closed for renovations
(too bad, I heard that was a good one) . Test Track is fun, but you will want to use a FastPass for it
(CHECK) as the wait time can get to 90+ mins soon after the park opens. Most of the other attractions, including Spaceship Earth
(CHECK) (the big geodesic sphere) usually have shorter lines, but expect at least 45 mins to 1 hr without fast pass at some. There are also a ton of good places to eat in EPCOT, especially in the World Showcase
(really looking forward to that!).
Animal Kingdom - Everest
(CHECK), Kilimanjaro Safaris
(CHECK) and Dinosaur
(need to check if the youngest is tall enough for this one...) are the FastPasses for this park. Depending on the age of your kids, Dinosaur might be a bit scary for them. There is a Rain Forest Cafe in the front of the park that kids enjoy as it has animatronic animals doing animal stuff in the background while you eat. It's Tough to Be a Bug is a cool 4D experience as well.
Hollywood Studios - Rock 'n' Roller Coaster
(somehow missed this one, will check for FP openings), Midway Mania
(CHECK), and Tower of Terror
(wife has already scared the kids off of this one) are the FastPasses. Star Tours lines always move fast, I have never waited more than 40 mins in the regular line. Near Star Tours they do a Jedi Training for the kids, it is a funny little skit involving Darth Vader, Storm-troopers, and the kids who signed up for their Jedi Training that day. There is a really cool car stunt show here, and an Indiana Jones Stunt show
(yes!) as well (I was picked one time to be an extra out of the audience, that was fun!).
Magic Kingdom - This place is always packed, so pick you FastPasses wisely. One of my favorite attractions here is the Monsters Inc. Laugh Floor
(good to know, we like Monsters), but that is like a show and the wait time depends on when the next show starts. The newest attraction is the Seven Dwarfs Mine Train
(CHECK). I have yet to ride it as it was not available for Fast Pass when I was there over Thanksgiving and it always had at least a 2 hour wait, but I see now that you can FastPass it now.
Are you staying on property?
(Yes - Polynesian)