We went on Knights & Lights in June 2009 with our 2 sons, 10 and 6. We searched this site almost daily for tips and information before we went so I hope this is helpful. We had a wonderful time (despite the rain every day!) and our kids have incredible memories. We arrived a day early but left the day the trip ended. I'd recommend adding at least one day on both ends. We really didn't have any free time during the day in Paris, we had just one evening on our own. Here's my opinion on your questions...
1.Accomodations - They were lovely and we couldn't have wished for better. Spacious, clean, beautifully decorated, great bathrooms. While the Chancery Court was traditional, the Renaissance Arc de Triomphe was fun and funky. Staff at both were gracious and accomodating and we'd stay at both of these locations again. Both are very close to the subway and within walking distance of many sites. Both hotels are surprisingly quiet as well. In London, you can easily walk to the British Museum and Leicester Square. There is a small grocery and pharmacy on the nearest corner and a McDonald's with free WiFi is across the street. In the rooms they even have an electrical outlet to charge your electronics without using an adapter.(Helpful when you have 1 adapter and multiple cameras, IPods, cellphones, etc. and limited time in the room). The Paris Renaissance Arc de Triomphe might be my favorite. It had just opened within the month of our arrival so there were a few kinks but the staff seemed genuinely pleased to host our
ABD. They had the most comfortable hotel beds I've ever slept in. From our balcony we had the perfect view of the Eiffel Tower (twinkling at night on the hour to the delight of our kids) and the Arc de Triomphe. The Arc de Triomphe and the Champs Elysees are an easy walk away. Again, a McDonald's on the same block has free WiFi and the business center at the hotel lets you use their computers to confirm your flights and print boarding passes.
2.Versailles - The adults loved the tour, the younger kids got a little bored. Fortunately, you don't have to wait in the ridiculously long lines. It's really fascinating and beautiful to see. At the end, take the walk to the restaurants through the beautiful gardens. My husband took the tram with our youngest and he missed the amazing fountains, statues, and landscaping that make this truly stunning. Definitely take the bike ride. I hadn't been on a bike in more than 20 years and took a test ride at home the week before (you really do forget how despite the saying). I'm so glad that I did it with my family. It was raining so hard on our bike ride that we were drenched - clothes literally dripping wet. We never had so much fun! That experience really made all the kids on the trip become friends. My kids still say that the bike ride was the best part of the whole trip - and they loved all of the trip.
2.Eiffel Tower- I thought the adult lunch was pretty good. The kids were given a salmon pasta that didn't go over well. The guides ordered them cheeseburgers from the ground level to be brought up. My son just ate my meal. The restaurant certainly didn't seem very busy and was far from crowded but the staff seemed to struggle a bit with our group (and we were a polite and nondemanding crowd). They seemed a little overwhelmed. We waited in really long lines for security, then really long lines for the elevators. There were issues about how to get those who wanted to go up to the top level. Our guides were clearly frustrated by the process and the staff at the tower. My husband went to the top and describes it as his worst nightmare - none of the guides went to the top to direct people where to go (the ticket issue), no one in the group could figure out how to get back down, they waited more than an hour for an elevator on the upper level when it was raining, windy and cold... The 6 year old thought it was great. The whole process of getting the group up to the top and back down to the coach took so long we had no free time in Paris that afternoon. We had just enough time to get back to the hotel, dry off and change to get back on the coach for the last dinner. But you can't go to Paris and not go to the Eiffel Tower.
4.Lion King - Although we've seen it before, it still gave me chills. The seats are amazing and the performance was outstanding. I'd recommend going even if you've seen it before. The tour backstage was fascinating. No photography is allowed. It was a very late night for the kids though - I think we got back on the bus at 11:30. Needless to say, we skipped the optional walking tour the next morning in Lincoln Fields. I think everyone did.
5.Meals-I agree the meals overall left a LOT to be desired but that's a subjective thing obviously. The food is plentiful, the nonalcoholic beverages are all provided for you (although you get a lot of funny looks when you order soda in Paris). Breakfast buffets are great and get you through the day. The Paris hotel kept running out of hot food in buffets- again, I think a glitch in not being used to the volume yet. Our group bonded over jokes about how much we disliked the food on the whole, especially the tea at Harrod's. Our family experience was somewhat biased because our son has a nut allergy and most of the restaurants where we had group meals were reluctant to feed him which was frustrating and disappointing. The guides certainly tried to facilitate but it was difficult overall. Harrod's actually gave him a steak, a beautiful salad, and exotic sorbets that had all the rest of us jealous. (ABD could have skipped the whole Harrod's experience in my opinion -I'd go explore on my own during that time if I did it again.) Dining on your own is easy - do a little research before you go. As we were arriving in London late, I had looked up restaurants near the hotel. While the concierge tried to steer us to more expensive, elaborate Italian, we walked a couple blocks to Spaghetti House and had a really decent meal that didn't cost more than $80 and made the kids happy with good pasta and pretty decent pizza. As long as the kids were fed, we didn't really care that much.
6.Final unsolicited advice - You're spending a lot of money, get the most out of it. Take a ton of photos (we took over a 1000), ask the guides and others to take family shots so you all get in the pictures. Take video and explain what you're seeing because your memory will fade. Keep a journal while there - it was the best thing I did because each day is so packed with experiences. Read before you go so you know the history around the places and things you'll see and include your kids. Go for the optional walk around Paris before the Louvre. Explore on your own - you'll be jetlagged and tired but you'll be in London & Paris - sleep on the plane home. Walk through the neighborhoods and explore. Climb to the top of everything. Ride the London Eye and explore the County Hall area (pay 6 pounds to jump on the huge trampolines). Learn some French. (I can't tell you how much restaurant servers and people in shops appreciated it when we tried to speak French, even poorly. My 10 year old would ask for things in French all the time based on the little he learned from tapes before going and he was treated so well! Once you make an effort, they'll gladly speak English to you AND treat you well. I watched what happened to an American woman at Notre Dame who just kept speaking louder and angrily in English to the cashier - it doesn't work out well.) Add a day in Paris if you want to see the Louvre for more than an 1 1/2 hours, see any other museum or do anything not on the tour schedule. Drink hot chocolate in Paris, even if it's summer, you'll never forget it.