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Hands down, Victoria and Albert's. It's very expensive but very worth it. You can mention to any of the resteraunts that you are going to propose and they can offer you some options. I took my wife to V&A's to propose, and she said yes
Victoria and Albert's is the most elegant but VERY VERY VERY EXPENSIVE!!!
If you want a great atmosphere and want to make a big scene out of it, go to Planet Hollywood. It's not for everybody, but they'd announce it over the intercom, and I guarentee you they'd pamper you.
I would concur that Victoria and Alberts is the most elegant, exclusive but understated dining experience on property.
With that said, Artist's Point at Wilderness Lodge is wonderfully secluded and romantic. California Grill is nice, but not my favorite and a little noisy. Citrico's at GF is very nice. A number of the restaurants at Epcot are nice, but are a little bit busier and noisier. France has a restaurant upstairs, Bistro de Paris that is intimate. The Flying Fish at Boardwalk and Brown Derby at MGM are also very nice spots.
Check out the Disney website for descriptions as well as the following to help with your decision:
Another item to think of, if you want to add some special touches to the event, call ahead and also check (ahead) with the restaurant staff to see what they can do. Anything from doing a special presentation of a ring, flowers, your imagination can be met.
I don't really have enough experience at the nicer restaurants of WDW to give a first hand recommendation, but from what I've seen on TV (in particular, a Food Network special on WDW Weddings), Victoria & Albert's seems to be the place to propose. They can customize a presentation of the ring during dessert and also offer an elegant, personal (and expensive!) dinner at the Chef's table where you get to eat in the kitchen and the chef personally meets with you and plans a meal catered to your tastes. But probably one of the better features of the restaurants, according to the area manager, Brian Koziol, in an interview, "We've never had someone say 'no' in our restaurant."