This year we got a couple extra weeks on our season and went at the end of May for my daughter's birthday. Even with bringing her friend, it was still cheaper then any birthday party. And less stressful.
The kids have a great time. And I won't lie, my husband and I enjoy the water slides and rides as much as the kids do. There are several pools with activities for smaller children in the main area, including a Pirate Ship with a tipping bucket and slides, a wave pool, some beginner slides, a kiddie pool for the really young ones with baby swings and slides, and a lazy river with an optional slide. Super fun. If you walk to the newer area, there are 4 racer slides and a big wave pool. Also there is a family restroom on this side of the park, which is always clean and vacant, so we always change into or out of our swimming gear there.
You can pack a lunch and eat in any of the many seating areas, or get your grub at a variety of places, including Johnny Rockets, Pinks Hotdog Stand, Croc Pot, a pizza place or a 50's style diner. Just note that there are very few healthy options and all the main places close a couple hours before the park does. If you wait too long, you'll end up having fried dough for dinner. We usually eat at the Croc Pot and our family shares two entres with sides. Fried chicken, Mac and cheese, biscuits and home fries for $25 for 5. Or for about the same price you can get a large pizza.
Once we're done with water rides, we head to the dry side of the park, usually starting in the kiddie area. It's just like a carnival except the rides are better and free with your admission fee. Kiddie coaster, caterpillar train, bumper cars, swings and Drop Zone, the kids love them all. New in 2015 is a walk through Dinosaur area, with some great photo ops.
My 9 year old started going on the bigger rides last year. She went on Bolderdash with me, a long wooden coaster with plenty of sharp turns, bumps and drops. It was actually voted one of the best wooden coaster in the US. While we do a few of the more mature rides, my husband takes our 2 and 5 year old on their rides. There is something for everybody and we always look forward to a family day at Lake Compounce.