We were just there a few months ago with our daughter who was 34 months at the time and it was SOOO MUCH FUN! Really, you are going at a perfect time because she wont need a ticket to get into the park (under 3) and if you eat buffets, you don't have to pay for children under 3. We had the most magical time and although she probably wont "remember" it when she's older, it was perfect timing for us and so much fun.
Hollywood Studios and Magic Kingdom were both awesome and my daughter still talks about shows, rides, etc! I second the character dining- it is a great experience. We did the princess breakfast at Akerhaus at Epcot, and it was fun but the little girls who were 4+ had SOOOO much more fun than we did.
We did a character dining at Hollywood Studios for lunch and it was FANTASTIC!!! We booked it online in advance for the restaurant Hollywood and Vine. Special Agent Oso, Handy Manny, Little Einsteins- it was PERFECT for her age and the food was GREAT. It was a lunch buffet with a huge variety for adults and children- and you don't have to pay for a buffet meal for a child under 3- they get to eat off your plate.
COMFY STROLLER is a must- we were able to stay in the park from about 9-5 all three days because she napped in the stroller after lunch. The strollers you can rent there were hard plastic and looked uncomfortable.
Most of all, just have fun and plan to be on toddler-time.