I think Park Hopping is only valuable if you are going less than 4 days. If you are going 4 or 5 days you do 1 of each park and then an extra day and MK or EP depending on which you like better.
The other thing to consider is how much you want to death march your kids and can they handle it. We with our 3 and 5 year old last summer went to DisneyLand and did 3 gate open to gate close days without any meltdowns. We just brought a umbrella stroller which the kids shared and had naps waiting in lines. So definitely bring some kind of stroller. If your kids start to get grouchy is going back to the hotel an option? When booking where you are staying consider this, renting a car is pretty cheap in Orlando, and greatly helps this out.
If you aren't death marching your days and you are there for 5 days there is no value in the park hooper.
Ridemax is awesome, it really manages line ups well. Though the general rules of get to the parking lot 1 hr before it opens. Ride long line up rides without fast passes early (Fantasy Land Rides (Dumbo, Peter Pan, Pirates, Princess Visits etc). Then do other character visits and shows in the afternoon.
The biggest key to doing the rides is GO EARLY, you can't be too early. If you are staying off resort this means renting a car and not relying on hotel shuttles to get you to the park. The first hour you are in the park you can do 6 rides. You can do each ride once almost by 1. Then in the afternoon you can fast pass a few and do maybe 4 or 5 more. So make your mornings count.
All of the night shows are worth staying for.
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