We only had Wednesday afternoon/evening to devote to Disneyland and worried that it wouldn't be enough time but as this really is only a very small mini park it was plenty of time. The longest we waited for a ride was 15mins and that was in Toy Story Land waiting for the Slinky Dog Spin which once we got on lasted for around a minute. Most of the other rides we simply walked right on and even ran back around and did them again as there was hardly anyone around.
You don't have to stay at the resort but of course you will have to add travel time to your day. We caught the MTR to Sunny Bay (Tung Chung line) and then changed to the Disneyland Resort line which is a bit of fun as the Disney train has Mickey Mouse windows, Mickey ear handles to hold on to and small statues of characters in the train.
There are basically 3 thrill rides in the park - RC Racer, Hyperspace Mountain and Big Grizzly Mountain Runaway Mine cars and even then they aren't that scary. The rest are cute family style rides like Dumbo, Winnie the Pooh & Jungle Cruise which are still fun just don't expect it to be like Disneyland USA. There are actually not that many rides in the park which is why we were able to get through them all, instead there's a real emphasis on meeting characters.
One thing here is that they close the rides an hour before the park closes and the train closed at 6pm which is a shame so make sure you have done all the rides you want and then shop in the stores while you wait for the fireworks which are best viewed from Main Street facing the castle.
A fun few hours and if you had small kids it would probably be a great day out but I'm not sure how people spend more than a day here.
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