Alrighty, here goes.
First off, I'll mention the resorts. If you're family has a small budget, definately stay at Breakers Express. It's a decent hotel, and is comparable to a Holiday Inn Express. If you don't have a constricted budget, stay at either Lighthouse Point, Hotel Breakers, Castaway Bay, or Sandcastle Suites. Lighthouse Point offers the most privacy, as there are individual cottages & cabins. Depending on when you go, the cheapest they get is $155 a night. Hotel Breakers is a nice pick too. It boasts many rooms and, as are all the Cedar Point hotels on the peninsula, is right on the beach. Rooms start at $100 a night, and is probably offers the best experience all around. It's also only 2 minutes away from the park. Castaway Bay has the most fun atmosphere, and is great for families. However, it is expesive. The cheapest room is around $254 a night. The waterpark helps a lot, so if you get a rainy day, you can always go to the indoor waterpark. Last is Sandcastle Suites. Rooms here start at $159 a night. Their rooms just got newly remodeled for 2008, so this boasts some of the newest rooms. It's right at the tip of the peninsula, and is quite a place to be during a bad storm. It is a nice place, and is right next to the turn-around of Magnum XL-200. As a matter of fact, I'm staying there during my visits this year. As an alternative to hotels you can stay at Camper's Village and camp, but your family may not want to do that.
Go here for the official Cedar Point resort websites.
Now I'll mention the park.
Assuming that you stay at a Cedar Point resort, you will get in an hour early. This will help, as some of the most popular rides will open early. They include: Raptor, Skyhawk, Maverick, Millennium Force, Planet Snoopy, and Iron Dragon. However, until 10:00, those are the only rides that are open.
My suggestion for riding the coasters is begin with the smaller ones, and work your way up. Depending on when you go, the evenings aren't always as busy, and some of the bigger rides will have a shorter wait. But, if you are only going to be there anywhere from a day to two days, be sure to hit the big ones
first. If you are on a shortened schedule, be sure to hit Top Thrill Dragster, Millennium Force, Maverick, Magnum XL-200, and Raptor for sure. They are, in my opinion, the best coasters at the park. Blue Streak and Gemini are also great rides if you're looking for some less-busier ones. Skyhawk is also a great ride if you've never rode a ride of that type before.
If you have younger siblings and/or family members with you, they will have an equal amount of fun at Planet Snoopy, Camp Snoopy, Kiddie Kingdom, and the Gemini Kids Area.
If you want to do something other than traditional rides, head over to Challenge Park, assuming that your family doesn't have budget restraints. Every attraction has an individual price. Ripcord (same as Dare Devil Dive), is $30 for one person, $22 for two, and $15 for three. Challenge Golf is $5.95 for 18 holes and $7.95 for all 36. The Go-Karts are $5 for one trip and $8 for two. (There are two tracks.) I'm not sure how much Skyscraper costs, but that may be a neat ride to ride. In my opinion, you can afford to miss Challenge Park, but if you don't have buget constraints and/or time constraints, you might as well head on over.
Last, I'll talk about Soak City. It has about 12 water slides, two lazy rivers, a wave pool, and two kiddie areas. Again, just like Challenge Park, you can afford to miss Soak City, but if you have the buget/time go ahead.
Hope this helps and have a great trip!
I'm going the first full weekend of June, maybe I'll see you there!