The PhilharMagic show is probably Magic Kingdom's best low-wait ride.
From my recent experience, you should only have to wait 20-30 minutes before getting a chance to experience Mickey's PhilharMagic that includes an array of sense tickling effects.
The best effects come from the large "surround" style theater and projection system that allows you to see in 3-D all around. The addition of smells and a few squirts of water during the show presents a video viewing experience that is unmatched by any other show.
While there are some other 4-D shows that do a great job at Disney, Mickey's PhilharMagic does the best at surrounding you with the video's effects, including the launching of Donald Duck right into the theater with the viewers at the end.