Yes, max pass is Essential to enjoy as much of the park as possible.
Yes. Make sure to use the free fast pass option. For $10 a day you can use the Max Pass to save time on excessive wait times as well.
You can get a lot done, but there is still so much more. I would recommend going for 2+ days
Probably not, but I will say of you're not used to doing a lot of walking and you buy a three day pass you will not be able to handle more walking the next day. Unless you purchase speed passes to avoid the long lines
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