Hollywood Studios has gorgeous streets with art deco buildings and California-style palms. It's a pleasure to walk around and look up at the buildings. The park has the amazing Star Wars land plus a fun Toy Story land. It has a lot more shows than rides so it is quite different to the other Disney parks. The food at the casual eateries is also somewhat decent which makes it way better than the food at Magic Kingdom. The laser show, Fantasmic, at the end of the day is truly incredible (scary for your children) and makes your ticket price worth it just for that! At the same time of day, the Star Wars fireworks take place in front of the Chinese Theater, combined with projections from the movie, and tall laser beams in the sky. This show is quite long- fifteen minutes- and is for die hard Star Wars fans.

Our favorite show was Beauty and the Beast, which has real performers and some great cabaret-style dancing, plus all the popular songs from the movie. Voyage of the Little Mermaid is also a good show, though it is mostly animatronics, with only one live actress, Ariel. Half of the show is the scary part with the octopus-witch, so skip it if you don't want nightmares for your little kids (my four year old didn't have nightmares after this show though). It is a beautiful show, with bubbles and rain falling from the ceiling and laser lights coming across the ceiling to make it look like you're underwater. The Disney Junior Show says "live on stage" put there is only one live actress, the host, and the characters are puppets coming up out of the ground. It is hard for kids to see them because the stage is so high. But this is the best show for very young children because they delight in seeing their favorite characters from the Disney channel and there is nothing scary in this show. The Muppets 3D show also has puppets and plenty of good songs. A do-not-miss is the Indiana Jones stunt show. 
Kids can participate in the Jedi training Academy like they are in Star Wars- you must sign up early in the day. 
There are plenty of opportunities for character greetings spread out throughout the park. You can meet Mickey Mouse, The Incredibles, Monsters Inc characters, Star Wars characters, Phineas and Ferb, stars of Cars 2, Toy Story friends, Winnie the Pooh with his forest backdrop, and stars from Disney Junior TV shows. 
There are also some great street performances outside throughout the day, and a parade at 3pm where kids see all their favorite characters. Arrive early along the route to get a spot with a good view.
Kids can run around in the Honey I Shrunk the Kids playground, amongst huge blades of grass!
The Toy Story Mania ride was not fun at all- definitely don't stand in a long line for this one. You just ride in a jerky vehicle to different stations where you shoot targets. The graphics aren't exciting. It's been compared to the Buzz Lightyear ride at Magic Kingdom but it is nothing near as stunning as that ride. Slinky Dog Dash is a rollercoaster that's manageable for kids. This ride is really fun at night because the LED lights change color on the track. Alien Swirling Saucers is a spinning ride like the Madhatter ride, but with a calmer feel.
The highlights as far as rides go are Tower of Terror and the Rock n Rollercoaster. Teens will love these rides and you should go on them first thing in the day because the lines get really long. Even the single rider line is long for Rock n Rollercoaster later in the day. The Tower of Terror is a very exciting ride that will make you scream, set in an old hotel in Hollywood with a haunted elevator. Not for the faint of heart. The Rock n Rollercoaster is a super fun rollercoaster that takes you on the freeways of LA (just the signs) with Aerosmith music playing.
We went on a day that was pouring with rain. The park was fairly crowded and I can't even imagine how crowded it would be on a sunny day. The rain made it pretty awful and we were wet all day long. But maybe it was worth the shorter waits at the rides. The main thing that works every time if you want to avoid long waits is to come half an hour before the park opens and make the most of the early hours of the day.
For food, Pizza Planet was not bad. And there are plenty of other yummy-looking food stands throughout the park, especially in the Sunset Boulevard area of the park near the Tower of Terror.
Rent or buy a stroller if you have a young child because there's a lot of walking back and forth to make the shows you want to see. Also, wear good sneakers and of course, some sunscreen. If it rains, you can buy cute clear Disney ponchos at the park for around $9 each.
You can catch the Skyliner gondolas to Hollywood Studios for free from four Disney hotels: Caribbean Beach, Art of Animation, Riviera, and Pop Century. You can walk from the Epcot hotels to Epcot's international gateway to take the gondolas as well.
Check out the other Disney parks: Magic Kingdom, Epcot, and Animal Kingdom. When in Orlando, stay at a resort with waterfalls and beauty all around- this is a good way to relax the day before or after you visit one of the Disney parks: try Hyatt Grand Cypress or Marriott World Center.

Directions

From Florida's Turnpike, take the exit for Osceola Pkwy and head west for 11 miles. Turn right on World Drive and follow the signs to Hollywood Studios.
Hollywood Studios opens at 9am and closes at 9pm. Some days it opens early or stays open late for Disney hotel guests. Florida residents can find highly discounted passes on the Disney World website. Other guests can save money by buying multi-day passes. Cost without discounts is over $100 per person for a one-day ticket.
Parking at Hollywood Studios is $17 a day, but free for Disney hotel guests.

Click on map for interactive view