I first saw the MSEP in 1977 (at WDW) and loved it. We would plan our yearly winter trips, from Maine, around it's schedule. When it was announced that a new parade would be debuting for WDW's 20th Anniversary, the hype surrounding SpectoMagic was huge, and as far as I remember, the excitement incredible. As this parade was new (not a near-clone of a DL original), I recall that people were generally looking forward to it. When I finally saw it, less than a year after it's debut, I was overwhelmed. The smoke effects, the animation on the floats, the light changes and especially the score, made Spectro "fit" the MK better than the MSEP (to me). Hearing Jiminy Cricket, as host, make the nightly announcements, along with that chorus of singers performing the theme, truly made a night in the MK something special. I remember being in the Big Thunder area one night, and hearing "on this magic night...." drift over the Rivers of America. It truly brought goosebumps to the skin on my arms and the hair on the back of my neck stand up. MSEP doesn't do that for me.....sure it's a "fun" parade, but it doesn't feel "big enough" for the MK. TDL's Electrical Parade would surely be big enough for the MK, but I'd like to see a Dreamlights type redux of Spectro instead. If FoF is a hit, I'd actually rather see that performed afternoon and evening, and retire the MSEP from the MK until, if ever, a new nighttime parade is developed.
As for being in the MK after dark....I would still be there, as I agree with Walt, that nighttime in the MK is special. As a family, we would definitely spend more $ while waiting for a parade. Always bought food, and something that blinked, etc....while waiting along the parade route.