I just saw the show in person today, and I thought it was fantastic. It had so many things that Cinderellabration just lacked, like a plot, a conflict and pure charm. Around me, guests were cheering on Peter Pan as he battled with Captain Hook, and many were chanting along with Mickey, "Dreams Come True!"
Even better, I could hear myself think during the show! They turned the sound waaaay down from Cinderellabration. It was loud enough to hear from anywhere in the hub area, but not so loud that it interfered on Main Street proper, or worse, back at the monorail station (like Cinderellabration).
All in all, a great change and a great show!