We took our two year old a few years ago ... we decided to do ONE park (Animal Kingdom) which worked out okay. But he melted down toward the end (he found out he was too small to go on the scary dinosaur ride). But there's a dino-play area where went spent HOURS at Animal Kingdom that he just loved. So I'd recommend it.

I'll second the suggestion that downtown Disney is the way to go! The train ride, the boat ride, Legoland, the huge Disney stores... all entertaining and all (basically) free. In fact, he considered Downtown Disney to be "Disney World" ... there was no difference in his 2-year-old mind.

One other unscrupulous tip for you ... kids under 2 get in free to the park. Now I would never consider lying to Disney, but I've got this friend, you see, who said their 2+ year old was turing 2 next month and didn't have to pay the $30 to get in.... and they could have cared less. Of course, it's wrong. Very ,very wrong.