I personally always use Disney Transport when I'm on property... then again, if I didn't, I might get fired. LOL... Just kidding... all seriousness though, when I have family down at a Disney Resort, we always use Disney Transport. The longest I've ever had to personally wait was 8 minutes 21 seconds.
In regards to "horror stories" please keep in mind that Disney Transport is an ever changing operation. Even compared to just two weeks ago, we've made modifications to our dispatching systems to improve things.
Staying at FQ, you should have no problems with the busses. In the mornings, your busses will be staged out of a parking lot between FQ and RS. Typically, MOD busses will only pick up at FQ... however, if demand is light enough, they'll swing by South Depot as well. They're dispatched at pretty regular intervals from that parking lot.
In the afternoon/evening, when you want to come back... Port Orleans busses are typically dispatched at 12-15min intervals. Often times, FQ will be a seperate bus at the MK. However, even if they are combined, FQ is always the first stop.
I'd imagine, you've driven allllllllll the way down... the last thing you'll want to do is drive more. Relax, let us do the driving for you. When you take into consideration the lines at the Toll Plaza (You don't pay, but you still have to wait in line), parking the car, walking to the tram, taking the tram (and then optionally taking the Ferry or Monorail for the MK) then taking the bus actually can be faster.
Just a few tips:
Always read the signs on the bus. They'll tell you where the bus is headed to. If it says, "MAGIC KINGDOM" you can bet, it isn't going to Epcot. (You'd be surprised at some people)
Same thing goes for when catching the bus at the end of the night... Follow the signs to the load zone... Might not be the same one in which you got dropped off at.
Last week of February will be a little busy, with the start of all the spring breaks and all. Be prepared for crowds both inside the park, and at the bus stop. Never fear though, we will be increasing transportation to match it. If for some reason, you can't get on one bus, there will be another one shortly.
For Resort Hopping, I do recommend using your own car... That will be your easiest and quickest way for that.