We are visiting Magic Kingdom on a Friday and Saturday. I would like to plan a set schedule for these two days. Which rides would you recommend we go to first when we enter the park? I want to take full advantage of the best rides during these two days.

Disneyland or Disneyworld? So many posters forget that there are similar theme parks on both coasts.

I live in Orlando and have been to the magic kingdom at least 30 times in my life. To tell you the best rides depends on what types of rides you like. They have several roller coaster type rides(thunder mountain) a run away train, I find it mild but fun. The same for (Splash mountain) a water flume ride. It is usually very popular!! and the infamous (Space Mountain). This is more like a true roller coaster and it is dark!!!(but, many times is broken down).
Some favorites of mine are the Pirates of the Carribean, Bear Jamboree, and the hall of presidents. these are classics and more like shows. The (Alien encounter) scared the hell out of me the first time I went on it and my 10 year old son too. There is a new system that the parks are using called "fast pass". This is where you put your ticket into a machine close to the entrance of the ride. There will be signs posted when you can use your fast pass. When you put your ticket in the machine issues you a seperate ticket to come back with-in a designated time.(i.e between 10:30 and 11:30) You go into a separate line when you return where you only wait maybe 10 to 20 minutes instead of 1 to 2 hours. the disavandage is that you can only do this for one ride until that time expires. Then you can do it for another. Good luck, this is the busiest time of the year. Get there early.

Two changes in Fastpass since it started: You can get another Fastpass after 2 hours, not after the open one expires. Also, they are good for 1 hour instead of 15 minutes.

Definately plan you Kingdom day around Fastpass.

To each his own, but I wouldn't miss "Haunted Mansion".

Buzz Lightyear was our family's overall favorite ride. Winne the Pooh is new and fun. It all depends on the age of the kids. We also enjoyed the People move ride through Space Mountain but only because we made our own fun through the whole ride. Rides such as Thunder Mountain and Splash Mountain seem wilder after dark so you may want to delay the experience. If you have young children and are entering the park on an Early Entry Day then head right to Dumbo. Kids love this ride and its very slow loading so the line is ridiculous - shortest first thing in the morning. But if you're an adult or a teen then Splash Mountain is the place to head to or Space Mountain. It could be a 90 minute wait otherwise. Check out the wdwinfo.com or wdwig.com sites for highly detailed info or the Unofficial Guide to Disney book has suggested plans of attack. I used the Dumbo in a DAy or Die plan for our trip and at least initially it worked out. The park wasn't crowded enough for the remainder of the day to feel the need for kamikazee style touring. Buts its full of great tips and is funny too.

GOL, a follow-up question:

How well is fast pass working these days? How does this two-hour policy work? Say you go up to a machine at 11:00. It spits out a fast pass for 1:00. Do you then have to wait another until 3:00 to get another fast pass?

As others pointed out, we don't know if you are with kids, in Orlando, like old-fashioned or new stuff, but here's what I would do:
Buy your ticket prior to arrival and get to the park a half hour before stated opening time. Once in, walk straight to the back of the park through the center and into Frontierland.
Ride Splash Mountain first, and do it a second time if there is still no line. It is adorable and filled with so many details that you'll miss the first time since you keep waiting for the final fall! Then walk over to Thunder Mountain Railroad, followed by the Haunted Mansion.
Then walk over to Tomorrowland; have one person in your party pick up the FastPasses for Space Mountain, while the rest hold the place in line for the Buzz Lightyear ride. Do those, followed by anything else you want in Tomorrowland.
Try to grab an early (before noon) lunch at either Aunt Polly's on Tom Sawyer's Island or the Saloon, both back at Frontierland. Then go over the Adventure Land for the Pirates of the Caribbean - very low key but detailed and adorable. After that, see the remaining rides and shows you'd like at your leisure. This schedule really works and you will see all you want at MK in one day.
By the way, does anyone else remember the old A-E tickets? The "E's" were the best, and there was one in each land! Pirates, Country Bear, Haunted Mansion, It's a Small World, and Space Mountain. Right?

Beth, my mother still has a book of E-tickets!

Ah, but what separated the "haves" from the "have nots" was whether your parents would buy you extra E-tickets when you ran out. Mine flatly refused, so we'd have to spend the rest of the day riding the train and monorail. Boo hoo.

Cindy, We were have nots too! No new book of tickets for us. We always went home with plenty of A tickets.

Ilisa, wonder what those would fetch on ebay!!!
Cindy, we were all "haves" if we were able to be there at all. It was a matter of too much of a good thing, pacing yourself, enough is as good as a feast! Our kids are all spoiled-spoiled-spoiled. Not that I, too, don't love the pleasure of being able to ride again if it's a good one!
Suzie, what were those A tix good for, anyway! Walt's biography?

. . . and Abe Lincoln's speech. What was he talking about, anyway?

I thought it was better than ever.

We were there over Easter week. Usual crowds. With Fastpass we could manage to get on many rides without the really, really long wait that can ruin a day. [The longest ride was Pirates, usually a cake walk!!]

The two hour policy example:

Get to Splash Mountain Fastpass machine at 10am. Our time to return is 1:30pm - 2:30 pm [* see below ]. At noon, we got another Fastpass at the Thunder Mountain, since it was 2 hours after the 10am time. The machines spit out an 'error' Fastpass that says your 2 hours isn't up yet if you try to cheat. It wasn't uncommon to see a person or two wait at the Fastpass machine for the 2 hours to pass.

* I know the amount of time you can enter the ride changed from 15 minutes (when Fastpass first started) to much more - I think it is one hour. I know it wasn't 15 minutes any longer.

Unlike before, we can have more than one FAstpass open, as long as we wait 2 hours inbetween getting the Fastpasses.

We managed our day around getting Fastpasses for the major rides. If I compare to other Easter weeks, Fastpass made a huge difference.