Well, I'll speak up and make some favorable comments about the MGM version, although I am not claiming in any way it is "better" than the Disneyland version.
I am a HUGE fan of the Dancing Bubbles sequence, how they put the snippets of the classic tunes together and the video that accompanies it.
I enjoy the Pocahontas scene -- the Indians in the canoes circling the island in the fog is a great mood-setter. And I enjoy the spectacle of the arrow shots, fire, logs tumbling, etc.
At the same time, I love the Peter Pan scene at California, as well.
And, yes, it's always going to be more of a thrill in California because it all takes place right in the park. But that can work against California, too... the one aspect where Florida beats California hands-down is the final Sorceror Mickey appearance.
Mickey on the Florida mountain with the fireworks behind him is just awe-inspiring, while in California I think he was on a building only a story or two off the ground.
I don't care for the flower petals in Florida or the Pink Elephants in California.
So, I guess I have no clear favorite. I like them both a lot and LOVE certain aspects of each.