I won't do early August again if I can schedule a different time to go.
I'm about at a point in my life where I don't want to fight the fight anymore. Doing the commando thing is getting quite old...fighting the crowds, melting in the heat and humidity, sloshing in the huge downpours of rain August has to offer! You may not have a choice, if you have kids in school or such. For our family's next trip to WDW we may do early June again, just when school lets out, or we may just take our kids out of school and go when things are quieter as others on other threads have suggested.
I once thought going in early August was better than not going at all, not so much anymore, but if faced with the fact, I would go again in early August but do things a bit differently. Since my last trip to WDW in early August 2008, I feel it would have been better for us to pick a more relaxed time to go. It would been easier for our tempers, easier for our bodies and best of all we would have enjoyed our vacation more.
To answer your question though, it will be a more intense experience going at the time you ask, manageble...yes, but try to do too much and you may hit a brick wall, especially if touring as a family. Keep hydrated, take plenty of breaks and definately, if staying on property, get back to the hotel and take some pool time in the early afternoon with the kids especially. I cannot stress this enough! As hard as it maybe to do to break away from the parks, it is a big mistake my family made of not doing last time!