Life should not be experienced through YouTube. Or more importantly, life opinions should not be formed via YouTube.
I've seen Tokyo's Dreamlights parade several times in person, always with a perfect front row seat. You know what I thought of Dreamlights? I thought it was a little long and kind of boring; there were way too many unknown or very minor characters on Non-Disney generic floats that were only there because they had to fill a 30 minute parade.
When Roger Rabbit appears on a random Sunshine Balloon float with Lilo, you know you are running out of filler material.
As for Paint The Night, I've not seen the shortened version in Hong Kong, but I have seen the longer version in Anaheim several times in the last six months. While it's not my most favorite parade ever (buy me a drink and I'll tell you my surprising first choice), it's certainly a dramatic improvement over the tired old Main Street Electrical Parade, even after the Electrical Parade got its LED makeover and upgrades for DCA in 2009.
Paint The Night is fresh and visually stunning, and very clearly from the 21st century and very clearly aimed at 21st century audiences. The proof of its success is that Disneyland Resort runs five parades per day on two parade routes a 5 minute walk from each other: two Soundsational Parades, one Pixar Play Parade, and two Paint The Nights, and both showings of Paint The Night are
PACKED with cheering crowds. Paint The Night in Anaheim is a hit.
Don't view life on YouTube, go to Disneyland and see it for yourself! WDW's Magic Kingdom would benefit greatly from their own version of Paint The Night.