Hi Alexis!
Congratulations on planning your first trip to Walt Disney World! I'm also planning to visit around the Thanksgiving timeframe, so I can give you plenty of tips and suggestions for visiting that time of year.
First, I think that a five day vacation will offer sufficient time for your family to experience the magic of Walt Disney World.
All of the resorts at Walt Disney World are wonderful and they all vary greatly, but I will give you a suggestion in each of the resort categories:
Value Resort -
Art of Animation - This brand new resort is taking reservations now for family suites, which are scheduled to open in May 2012. This resort is going to be amazing, between the gorgeous theming, cool pools and jogging trail, you will be in heaven!
Moderate Resort - Port Orleans Riverside is now accepting reservations for the brand new Royal Guest Rooms, which are themed after Princess and the Frog. If you have a little princess, this room will have her amazed! There are little hidden gems throughout the room, including fiber optic fireworks above the bed, princess themed bedding and hidden Mickey's.
Deluxe Resort - Disney's Polynesian Resort is beautiful and a kid favorite. The tonga toast is delicious, the volcano at the pool is so much fun and the Hawaiian feel is relaxing.
As far as the package goes, I would recommend purchasing the five-day Magic Your Way Plus Dining because I think that having your dining plan is the BEST way to experience Walt Disney World and save money and time.
Please let me know if you have any other questions or if there is anything else at all I can do to help you have a magical Walt Disney World vacation!
Magically,
Stacy