We went this last April after Easter, thinking that crowds would be lighter than they were during this time of year than in years past. Boy, were we wrong. We have to travel this time of year not only because of kids in school, but because my brother-in-law works in TV news and has many weeks out of the year dedicated to work because of "sweeps periods"--how they gadge their advertizing rates. We used up the last few days of the kids Easter break Wed-Sun, then had them miss school for the next week.
Although crowds thinned by about 1/5th during the second week, it was still crowded. Didn't help that all the parks' hours shortened--except for Epcot. In fact, only Epcot wasn't so bad crowd-wise (although TT line was looooong). MK was turning away patrons by early afternoon the entire week after Easter. And I'm certain I read that they were doing the same for the week prior to Easter.
And yes, all hotel pricing as well as airfare were "peak season" rates, which I'm certain don't go down until all potential school holidays, including Spring Breaks for colleges, are over.
So I, too, say that if you can wait until May or go earlier, like in late March, do that instead. But you don't specify if you're tied to school vacations like so many of us are.
Another discovery we found was that every other person we ran into while at WDW was from the U.K. In fact when we ate at a local Sizzler on one of our days off, it seemed like we were the only "Yanks" in the restaurant.
How thick were the Brits? During the "Stars & Motorcars Parade" that we saw 10 days after Easter, the emcee/narrator guy asked, "who here is from Great Britain" and a huge cheer went up.
Turns out there were very cheap packages being sold from London to Orlando. Adding into this is the fact that British kids get 3 weeks off for "holiday" around Easter time. Most families were there for 10-14 days. I asked both a CM and a employee of our rental house area if the British invasion is common during this time of year and they both said that for the last decade or so it was. Then again, a Brit Dad whom I met at the airport as we were leaving said that they had been to Orlando a few years ago, but due to 9/11 the travel packages for this year to Orlando were insanely cheap/offers that were hard to refuse.