Hmm, you may be setting a dangerous precedent for your future if you pick you family vacations based on the taste of an under-two.

What do you and your wife like to do? Is Hawaii your first choice? If so, go for it. Otherwise, pick what you two like best and figure how to make it family friendly. A two year old can have fun just about anywhere as long as Mom and Dad are there, and you throw in a few trips to the park/playground, and there are these wonderful things called "babysitters" for those times when grown-ups want to do grown-up things, like fancy restaurants.

From the time my son was born until he was about 3, we squeezed in a bunch of things we (the parents) had been meaning to do for a few years but not gotten around to, like a trip to the Canadian Rockies while he was still small enough to ride in the child pack while we hiked. Now that he is old enough to understand and remember what we do on vacations, we choose destinations that appeal to all of us.

As for Disney, unless you are raising your kid on a constant diet of TV, it holds very little appeal for those under 6 - this was not only our experience (son @ age 5 and age 6) but that of quite a few of our friends. Both Disneyland and DisneyWorld (been to both in the last 12 months) are now just theme park sized ads for Disney cartoons/movies. Much of what used to make the parks special is gone, replaced by elaborate ads for the movies (don't get me started on the way they've ruined the Tiki Room...)

Anyhow, my suggestion is to pick a destination that suits you and your wife now, and save the family theme trips until your daughter is old to really care about where she goes for vacation.