I know a lot of people have complained/critisized the Princess Fantasy Faire. It's been described as a waste of space, just a meet and greet, and not something for the whole family; just little girls.
I won't argue this. These are valid points.
However, as a father of 2 young girls, I do want to call attention to the positives of this attraction. For my daughters, and many other girls, and the adults I've seen there without children, this meet and greet has been done very well. The theming is excellent, and really pulls the guest into the fairytale environment as well as anywhere in Disneyland.
Also, this has given the kids a place to interact with the princesses in a personal way. Speaking as a parent, I've seen how much happiness the place brings to the girls when they get to meet their favorite princess. I think the environment adds to that.
Kudos is also given to the young ladies and gentlemen who perform as their attendants. They interact with the children, making a very personal experience.
I know they've discontinued the show, but when it was on, it included the children in a very interactive way.
No attraction is sacred. Like any, this will eventually go away. If the land is used in a more creative way for a more "magical" attraction, so much the better.
But until that day, it's not all bad. For what it is, they've done it well. My daughters and I have some very magical memories of there.