Discovery Cove is absolutely worth it. If you guys like snorkeling you'll love this, you're guarenteed to see lots of stuff! The dolphins are fantastic and the other animals are just as great.
It can be busy, but there's only a certain amount of people allowed in per day, so it will never be ridiculous like Disney can be, nor will you ever have to worry about the park closing due to capacity.
The park itself is lush and gorgeous. You can forget you're in central Florida when you go in. There's lot of stuff besides the dolphins, and the dolphins can be a small (but great) part of your day. There's a large aviary where you can feed lots of types of birds, a stingray pool where you can pet cownose rays, the coral reef for snorkeling which has loads of fish and some larger types of rays as well as a "normal pool" that looks nothing like a normal pool. The grand reef is due to open soon too.
Your day would go something like this:
You arrive at the park and check in, and are issued an id card which will tell you which dolphin pool you're at and what time your swim is. Dolphin swims are first come first serve. There's a breakfast served in the morning which is nice to take advantage of. They recently switched from a continental breakfast to a hot breakfast. You'll be directed to the wetsuit station and lockers. You MUST wear a form of wetsuit while in the water in any of the animal pools. There's a few styles to choose from, a full length wetsuit, a "shorty" suit that would come to your knees and elbows, and a vest. There's lockers to use, and you'll be given a key to yours and they're free for the day. Nearby there's a changing room/bathroom where you can change and pick up your towels. You'll also be given a mesh bag with goggles and a snorker (you get to keep the snorkel). After that you're pretty much free to roam the park. There's no set schedule or tour to follow, but you must be there for your dolphin swim time because if you miss it, you will not be given another chance. All your food is included in your package, and there's snacks and drinks available all day, and in the afternoon there's a large selection of things for lunch. All around the park are photographers who will take pictures of you through the day, which are available for purchase.
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Subbing for all this great info. thanks! Hoping to make it there this year