No matter what theme park your at, people are going to lie to get the cheapest rate. I use to work at a smaller one and we use to charge at the age of 3. People would lie and say their kid is 2 when they're really 4. The problem is, you can't debate with them over it. From someone who worked at Ticketing and Guest Relations (not at WDW), I think it would be best if WDW kept it two separate prices. Nothing is worse then having some parent scream at you because they're kid is 3 1/2 and now they have to pay and they want to know what 1/2 a year difference is. Its not worth it for management to charge an extra whatever to make more money, they might end up refunding it anyway.
But to end that rant, if we're strictly talking about WDW here, there are too many things for kid who don't meet high requirements to do, so they can always pull that card. Adults enjoy the no-restriction rides just as much as kids do, so why should there be a difference? Not to contradict my earlier statement, but there really isn't a difference if its a "family park" anyway. So what if the 5 year old can't do 10 out of the 50 rides? There are still 40 left. You might not have even done any of those rides anyway. My mom is afraid of heights and she does like maybe 10 of the rides in all of WDW, but she pays for a full price adult ticket like I do even though I do everything in the park.
Those are pretty much the two sides of it. I personally am on the side of two difference prices because the idea of those poor ticketing people getting yelled at makes me wanna cry. Been there, done that.