I have several gripes with Paint the Night that make me somewhat dislike it. I dislike the music style used. It's not a musical genre i like to begin with, but even if I did it is still inappropriate to have it on Main Street (Hollywood Studios perhaps). I'm not even the biggest fan of the original Electrical Parade music, but I definitely prefer it over PtN's and Dreamlights did a great job modernizing it IMO. My heart is always with Spectro's soundtrack though.
Float-wise it's also a very short parade compared to Dreamlights, Spectromagic and Fantillusion (even the shorter one). I also find a number of the float designs to be lacking (or inappropriate to the location). They use some cool lighting tech, but the underlying structure of the floats themselves are somewhat barebones. I made a post a while back explaining this somewhat better and in more detail, explaining the differing design philosophies that went into even the smaller floats-
http://forums.wdwmagic.com/threads/paint-the-night-rumors.909783/page-5#post-7107243
There are a few things I DO like about Paint however. I like the Frozen, Little Mermaid and Belle floats. I also find the costumes excellent and a big step above prior night parades. The lighting tech is also quite impressive, though again a lot of Dreamlights floats were upgraded to the same sort of choreographed LED tech used in PtN. So Dreamlights has the benefit of modern LED lighting as well as better and more elegant float design.
I'll also mention the light choreography is better in Dreamlights as well, less "strobing" effects, they crossfade and change colors in a far more elegant and fluid manner. Far cry from the abrupt strobe-like flashing of PtN. Dreamlights' light choreography feels orchestral and waltz-like (once again far more fitting of the location it travels down mind you, same went for Spectromagic and Fantillusion). Too much of PtN's light choreography is brash, loud and looks like it belongs in a rave instead of the elegant and old town it travels through.
Agreed. The Monsters Inc float in particular gives off the "TV float" vibe. Now there absolutely ARE ways to utilize LED video properly. The Cheshire Cat and Genie floats in Dreamlights create elaborate texture effects on a 3D float without feeling too much like video. Plus it helps that they are characters where such effects are appropriate.