I, for one, am a little sad about this. Perhaps I'm going through the stages of mourning. Yesterday, I was shocked and then a bit angry. I scoured the boards looking for some mention of what would replace this parade. I found lots of speculation and conjecture, but there's just no solid news yet. So today, I'm just sad. I was starting to plan my next trip (for May 2017), and I realized that it would be without MSEP.
I know many of you say "good riddance," but I'm still fairly new to WDW (my first visit was in 2012. Since then, I've been just two more times). Yet, there was something quaint and joyful about MSEP that always made me smile. I have posted elsewhere about just loving the spinning snails. It's a happy parade. I've watched the videos about PTN (never having seen it in person), and it is much more visually impressive. However, it doesn't have the same feel. Technicole said that it felt a bit like a rave. I couldn't agree more. PTN does seem like the parade version of Move it! Shake it! To that regard, Dreamlights is more in keeping with the spirit of MSEP. Yet, insiders have stated that there's not much chance of that coming.
But I'm not just sad that MSEP is going as much as I'm sad that there is one more thing leaving without an identified replacement. When I first came in 2012, there were four parades. My favorite parade was the Jingle Jungle parade at DAK. I've read that it will probably never come back (it was posted here that DAK is not conducive to parades). Now, my next favorite parade is also gone...with no clear word of a replacement. Where there was once four parades, there's now only one.
One of the things (among many) that sets Disney part from other amusement parks is the amount of street entertainment. From Hollywood Studios' Streetmosphere to Epcot's entertainment groups to the parades, this unpaid for (or included in the admission) entertainment is part of what sets the atmosphere for WDW. I'm sad to see this aspect of the Disney experience diminished in any way.