Well, a Christmas-themed projection show with fireworks was supposed to make up for Osborn lights going away, until the fireworks part also had to go away and it then turned out to be just a lackluster clip show.
While Osborn was indeed a spectacle, it was spectacle that was becoming dated (with full strings of lights being on or off). The one canopy that had individually addressable lights to create patterns and images was rather sparse.
I feel DHS has made up for the lack of Osborn by a more fuller decoration of the whole park and with Sunset Greetings.
But yes, there certainly is room for a light show made up of lights (and not relying solely on projections). With Epcot now in need of an attendance boost and having the space, it should get a technologically updated Festival of Lights Garden.