That is one reason I don't love World of Color like a lot of people do, it is pretty much just a very fancy clip show.
This is the worst example of a clip show. No plot, no theme, nothing. Just 28 straight minutes of clips of Disney films, all of which I love. Unfortunately, the sum of the parts slapped together aren't interesting enough to make me wait 2 hours for it.
I'm also not a big fan of Philharmagic, but that's probably more because I'd rather see the actual animation, not computer versions of them.
Finally, Fantasmic! - I truly hate Disney World's. As has been mentioned, the bubble scene seems to go on forever. And do we really need six million bad guys laughing and, later, screaming? Egah. More does not always mean better. The whole show relies too much on mist screens there.
However, the one at Disneyland is, hands down, the best nighttime show I've ever seen. It isn't just clips strung together. Yes, there are clips, but they are beatifully blended with live action (love that Peter Pan scene!), fireworks, floats, fire, and a storyline. The use of the Mark Twain and Columbia also give it a grandeur that the pathetic boat and boring Pocahontas scene (also relying too much on mist screens) used at the Studios just can't compare to.
"Clip show" attractions aren't an inherently bad idea; they just need some kind of glue to hold them together or they lose me. I still enjoy watching Wonderful World of Disney episodes that are just shorts or pieces of movies strung together. The difference is, Disney always provided a common theme for the show that linked them all together, or they created a story using someone like Ludwig Von Drake talking about child rearing, science, flying, etc. World of Color could definitely use something like that. Trading out clips every few months just doesn't cut it.