Thanks to Jill over in the easyWDW forums for the heads up. The Town Square Mickey Mouse FASTPASSes are no longer linked to the rest of the FASTPASS system, meaning you can currently collect FASTPASSes for the meet and greet and then almost immediately collect a set of FASTPASSes for another attraction, including the Town Square Princesses Meet and Greet or any FASTPASS attraction like Jungle Cruise or Space Mountain. Waits to meet Mickey Mouse have been short thus far, peaking at just 20-25 minutes most days. The Princesses routinely have longer standby waits, peaking in the 35-40 minute range. The Princesses usually have waits that are about twice as long as Mickey.
As you can see, the Mickey FASTPASS indicates that another FASTPASS can be collected after 9:05am. I proceeded to collect a FASTPASS for Jungle Cruise with no trouble. The Jungle Cruise FASTPASS states that I can collect another FASTPASS after 9:45am, which is standard for the FASTPASS system.
I then walked back to see if the system would allow me to collect FASTPASSes for the Town Square Princesses. As you can see from the PASS on the left, I was denied. That’s what will print out if you try to collect FASTPASSes for an attraction and you are already holding an active FASTPASS.
The good news is that you can now collect FASTPASSes for Mickey first thing in the morning and then collect FASTPASSes for another attraction right after. You may or may not want to collect FASTPASSes for the Princesses. Princess FASTPASSes are usually plentiful and the return time is usually just 40 minutes in the future, unlike the headlining Mountain rides that can have FASTPASS return windows that are two or three hours away. However, FASTPASSes for all Magic Kingdom attractions are usually available into the late afternoon, barring huge crowds, so collecting Princess FASTPASSes is viable for convenience’s sake. The Princess FASTPASS machines are located right next to the Mickey machines, after all.
As you enter Magic Kingdom, Town Square Theater is located immediately to your right. To the left of Town Square Theater is Tony’s Town Square Restaurant, and to the left of that are the Mickey and Princesses FASTPASS machines.
They look like this, with the Mickey Ears or Princess Ears marking whether the FASTPASS machines distribute Mickey or Princess FASTPASSes.