I'm the family cruise editor here. My son turns two this month and has been on four cruises already. All were great experiences however I did change my expectations before the trips. Don't expect to have tons of time to lounge around like before you had kids. If you realize that you'll still be busy with your little one yet will be in beautiful surroundings with great spots to go to the beach, etc. with your family, I think you'll do fine.
Make sure you read the article on this site that I wrote called "Taking the Baby." It gives helpful hints about cruising with an infant and toddler.
Let me know if you have add'l Q's.
Smooth sailing,
Luisa Frey Gaynor