I agree that for what it was, it was very well done (assuming you can get past Mary Poppins lip syncing "I Love Rock & Roll", and the like). It was clearly a lower-budget production that was meant to be an obvious step down from the elaborate Parade of Dreams, in order to make the next real parade seem impressive in comparison. It was part of that year's marketing campaign, and it filled the role well. I think it helped that it was DL's only parade at the time, rather than a secondary show like MK had, so more resources were dedicated to it
Additionally, the show's performers did a great job with it, especially the street-level dancers. Performers in a normal parade at DL are on stage for less than 20 minutes from gate to gate; performers in C!ASP were on stage for nearly an hour, including three times through the 17-minute show stop filled with high-energy choreography and no real breaks. Even on cool days, it wasn't unusual to see the dancers sweating through their costumes halfway through the first stop; I don't think WDW's climate or talent pool would have permitted that sort of production. One show stop was occasionally cancelled during the warmest days of summer, but it was a very difficult production to perform (and had far more injuries than anything reliable I've heard of Paint the Night)
For what it's worth, much of the parade is still around in various modified forms. One of the big floats with the live emcees is the centerpiece stage for DCA's Viva Navidad street show, and the chassis of the smaller balloon floats were converted into the drum units for Soundsational. And the character bikes have popped up on occasion, including appearances in Tokyo and Shanghai
As a side note, Soundstational has had a good run, but it's starting to get into Aladdin/Wishes territory. If they don't replace it soon, there will be a huge outcry when the time finally comes, simply because people don't remember that other entertainment can be equally good (or even better). It opened in 2011 and there's no indication of it being replaced any time soon, which is a very long run for a DL parade