My brother and I did the late hours on Sunday night. We got there at 7:30 and stayed until midnight when it closed. In the time, we did: Laugh Floor, People Mover, Buzz Lightyear, Tea cups, Barnstormer, Dumbo, (no wait for both) Pooh, dinner at Cosmic Ray's, Small World, BTM, Pirates, Phillhar Magic, Ariel, Space Mountain, Buzz Lightyear (again), Buzz Lightyear (again again) and Space Mountain. Now granted, it was cold and we walk fast, but it goes to show how much you can do in the evenings. In the summer, if we get there at about 7:30, we can be done everything we want to do by the time the park closes. I think it's fine that they reduced the hours, especially since I just checked the March hours and if it still were 3 hours, the park would be open until 4am. That's...not necessary and it's probably dead by then anyway. I find most people only stay for about an hour and then leave.
I can't get up early. Uh uh. Too much effort. I'm a night owl, and getting up early is the equivalent of torture, even for Disney. So like I said, either one is viable depending on preference. Since I go in August, we do late hours as the park is not so hot during the later hours. We hang around the pool or water park for most of the day and do the parks sometime in the evening.