The reason for the long wait on Peter Pan is twofold. One, it is a very popular ride and many people want to ride it. The other reason is its capacity. With one row of seating per pirate ship, it's tough to get people through the ride in any sort of numbers. WDW's Peter Pan's Flight has two rows per ship and I seem to recall reading that their lines are consistently shorter than DL's. Can any of you WDW-heads confirm this?
The Right Honorable Count Boogie Bonz of Random, at your service.
Oh man, Peter Pan? I went on it the day after Valentine's Day, and we even got early entry, and the line was already 35 min!! It was my first time on the ride for 6 years (yeah, I always thought a 20 min. + line wasn't worth a 2 min. ride)... it was worth it to see London and Neverland from up high, though. Good luck with the lines, as they're usually 30 - 50 min!
I have been to DL at least twice a year for the past 3 years and haven't been on Peter Pan. I keep telling myself to go but the line is always so long. It's one of my favorites, too. I haven't been on the one in DL since '98, although this trip I am definately waiting for it.
I was at DL on the 14th, 15th, 18th and 20th of June. On each of those days the wait time board at the entrance to the queue always said 45 minutes. The line appeared to be the same length any time during the day on each of the days that I visited. I was there for the rope drop earlier in the month and 10 minutes after park opening the queue for PeterPan was full.