We arrived on October 11th with PSs for every night except that one. We pulled in around 2:00, starving after our plane ride (with six people, so we aren't talking two, we are talking a harder to seat six) and headed over to Biergarten, arriving at 3:00 with me thinking "its off season, its 3:00 pm, Beirgarten is huge, lots of large tables, we'll stroll right in." We waited half an hour to be seated in a half empty restaurant.
A few nights later we cancelled our 50s Prime Time PS so we didn't need to rush, and got one at Spoodles on no notice by calling at 3:00. But our only choices were 5:00 or 8:30 (5:00 was what we wanted), and my husband spent 25 minutes on hold with dining.
With our PSs, we got immediate (or within five minute) seating at Marrakesh, Le Cellier, Teppanyaki and Narcoosees - waited half an hour and were rushed through an Ohana's character breakfast, and got sat 15 minutes late at Boma.
Two years ago we went in the middle of Feburary - still Value season. We were traveling for the first time with children and so didn't make PSs. Big mistake. By the time we were ready to eat we were, of course, starving. We had no interest in feeding the kids the easily available junk to snack on. And the only decent meal we got without a PS was the Tempura Bar in Japan (which didn't take PSs and we got there at 4:00 hoping to be able to get into Teppenyaki).
Other people have great luck. If you want to do this, my advice:
Eat at off times
Eat where there are plenty of restaurants that will "do" We were stuck in the Wilderness Lodge with no interest in taking tired and cranky kids to AP and no availability at Whispering Canyon. More of those chicken fingers from Roaring Forks! You are better off being at Epcot or at the Epcot resort area - where at least you can wait an hour for a table at Beaches and Cream.
Be flexible. You may end up eating more chicken fingers than you thought - or eating at Yachtsman because you are sick of chicken fingers and can get in there.
Try the "unpopular" restaurants. Marrakesh and Askerhus are usually good bets (especially low season at odd times of day).
Don't plan on strolling into a character meal or other "event" meal. Some people have good luck with this one. We never have - even when we are trying for Garden Grill or Cape May.
Eat your big meal at lunch. My MIL and her sister strolled into lunch at Alfredos and LTT - completely unaware that many people make PSs to eat in these places.
Travel with a small party. Two is easier to seat than four or six.