We just got back, and we had a blast.
My almost 2 year old watches SS about twice a week, but she knew every character by name as soon as she saw them. She was PETRIFIED of the characters - they're really big! - but they did great accommodating her - ie, staying out of her way, or only doing a high five instead of a hug.
Park is very clean, though bathrooms were wet and messy - but it was busy and the bathrooms are pretty much all near water slides/rides/pools, so they can't do much about keeping them super dry.
Lots of water rides, lots of rides for the slightly-older kid - my SIL and her three went with us. The 13, 10 and 5 year old had more fun than my 2 year old, who was scared of the characters and not a huge fan ofthe rides. She had fun in the water park areas and Big Bird's Nest (Gymboree-type shapes to play with). Lots of rides for the littler guys, mine just wasn't into it.
Food is expensive, but not that bad (We're just used to NYC area prices, I guess).
We went on a Thursday and Friday and it wasn't terribly crowded, especially considering it's Labor Day weekend. Characters are very accessible. Park is very stroller friendly, but not so huge you really need a stroller (we used it more to cart around our bag, towels, camera and drinks). Character shows were entertaining and not too long. We saw Abby and Elmo's World Live and DD thought those were spectacular!
It was about an hour and a half drive from us, and we'll be going back.
Land of Nod looks great too! We haven't been, but maybe when DD gets older and isn't so scared of the rides it'll be fun.