We went on March 6, 2009 at around 10:30, about a half hour after the fairy meet and greet opened. It was in ToonTown Tent. We were so excited when we got there, because I heard it could be a long wait and when we go there we were standing in line inside the tent, about 10 people from the entrance to where we thought the fairies were. HUGE misunderstanding on our part...where we were was about an HOUR WAIT from the fairies. You are led very slowly down a path until you reach the end of a rope...there, they ask you how many there are in your party. We were let in (2 adults, 1 child) with a family of five (2 adults, 3 children) in front of us. THIS was the reason for the wait, as they only allow a small group in at a time and completely take their time and do not rush you....
Once beyond the rope we were led into a well lit hallway with beautiful paintings of trees and a forest, with a lit path along the top of the walls where the fairies supposedly flew. The paintings of trees/forest become larger in perspective the further you walk down the hall, therefore making you feel smaller. This is NOT scary - the CMs make barely any mention of it and it is again well lit so you don't even notice the changes in perspective unless you are looking at the walls. You are then led into a separate room where the fairies are. You get to take pictures and get autographs without a line of impatient parents/children right behind you.
The only drawback - there are at any time only three fairies present, and it could be any of them. When we were waiting in line, we were told that Tink was in there, but they weren't sure for how long. This is the whole reason we stood in line. Our daughter was 9 and only knew of Tink, never knew the other fairies because she was beyond this when they all came out. We wanted to get Tink's autograph because they did not do this the first time we came and she was really hard to find (when our daughter was 6). We were really glad she was still there when we went in.
Other posters may have more to say about this - whether Tink is always there or not - but we would have found the wait to be completely worthless had she not been there (even though she was, we were still fairly bummed to have to wait for a whole hour for this, not knowing it would take that long when we first got in line, and even after - nearly half way through a CM told us it was only about 15 minutes from a certain point when it was really about 45 minutes from that point). It is really a huge time investment. You may want to seriously consider this before devoting that much time to getting just a couple autographs, unless you or your children are really into the fairies, in which case it may totally be worth it. FYI, the wait at Epcot for Mickey, Minnie, Donald, Pluto and Goofy was about half this amount of time, and we definitely got more bang for our buck. But again, we weren't really fairy-focused.
But...if you are...this is a pretty cool meet and greet and I wouldn't miss it!