Overall, it is nice, and I think it is an improvement.
I will say that I am very disappointed in that they market this as a "new" parade, and in the end it ends up being a re-working of the previous version.
I am disappointed that there are not more newly designed floats, and an overall new creative design and direction for the parade. Even newly designed costumes would have been nice. While definitely an improvement, it still feels slightly outdated and the "look" still feels slightly outdated and tacky (I know, harsh word). I think some of Disney's (DCE) recent projects show how far they have come in terms of the "design", and it still feels like we are in the past here at the MK.
From a creative direction and execution point of view, I still think Disneyland's "A Christmas Fantasy" parade is stronger. This could be as well, but more needs to go into it.
I will also say that I think the Magic Kingdom needs the theatrical outdoor lighting that Disneyland has for its evening parades...to me, it really makes a difference, and adds a more professional theatrical touch to evening parades that are not electrical parades.
Overall an improvement, but I am tired of Walt Disney World marketing things as "new" when they truly are not...in particular parades. Perhaps "re-imagined" or something along those lines would be better...but "new" is obviously not the proper word.
I would have to say that I do not think this is "new".