From what I've gathered online, the ride to get on with little kids is Toy Story Mania. Now, there is usually a 70-90 min wait on this ride. Definitely not worth the wait... get a fast pass! We did and yes, it was entertaining... but probably a little hyped up in my opinion. My oldest is four and she kinda got it. Since you get points and stuff I can easily see how this can be fun for older kids and adults who like to be competitive. Since there just aren't as many rides in Hollywood Studios, I can also see why this ride is so popular and there is such a long wait for it.
My girls are into princesses so we watched the Voyage of The Little Mermaid twice. When we did this last year, my oldest was three and was a little frightened during some parts. She remembers the show and tells me she is not scared this year because she knows what to expect. I looked over at my second child during the "scary part" when Ursula comes out and she has a horrified look on her face. The second time we watched it, she covered her eyes during that part. It's crazy how all the villains in these Disney movies and shows are so scary for little kids...
Next, my kids loved Disney Junior - Live on Stage! It was interactive and fun. I did not get to witness their fun since I was with sleeping child #3 in the back but from what my husband tells me and the kids reports, they had a blast and would want to see it again.
Then while the younger two went back for naps, my oldest stayed at the park a little longer with daddy. They watched Beauty and the Beast Live on Stage and Muppet Vision 3D. The first she loved.. the latter she didn't care much for but then she doesn't really know who the muppets are.
Since everyone napped, we did decide to try a late night and went back to the park for dinner and even stayed for the Fantasmic show at 9pm. Poor little E usually sleeps at 630pm so was so tired he did fall asleep and stayed asleep through most of the show. It got a little loud near the end which did wake him a little but he fell back asleep. I thought it was pretty impressive... animation on water with water effects etc. Girls loved the princesses coming out on boats with their princes. I love watching my second child wave enthusiastically at them. There is always a scary part with these Disney shows and I don't know about other kids, but my kids get pretty freaked out and have to close their eyes during those scenes.
Overall, I think this park is more fun for older kids and folks who are into movies. We still did it to experience something different but would probably skip it if we were here only for a couple of days. I scheduled this in the beginning of the week so the kids can't compare it to MK just yet...