The MSEP that runs in the MK now is (mostly) the original parade from Disneyland.
There were two nearly identical parades built back in the 70's, one for each coast. (I believe Disneyland's opened first, but it was based on the original Electric Water Pageant in WDW)
When Florida got Spectromagic in the early-90's, their copy of MSEP was shipped off to Paris. *That* copy of the parade has never returned to Florida, and probably has never returned to the US at all.
Since that point, every time the MSEP has appeared in Florida, it's been Disneyland's copy. They got it in the late-90's when Spectro went on an extended refurb and Disneyland debuted the ill-fated Light Magic. When it was done in Florida, it went back to California to help boost DCA's low numbers. And now it's back in Florida again, since DCA can't run both MSEP and World of Color at the same time (at least for the time being).
-Rob
Thanks Rob... I just looked it up on youtube. Imagine if all that was combine with Spectro Magic. take out 2 of the 3 sleeping beauty floats, keep the peacock and add in Alice in Wonderland for crying out loud. And while they are at it add in the 4 swans and the Dumbo scene

I know one parade had different Pinokkio floats and an underwater scene float pretty similar to the Little Mermaid floats. For all we know it is probably the same float only refurbished. My mom said back in the 70's she saw the pleasure island float with the big face in the front. I thought I heard somewhere that the Pinokkio floats they have today were from paris. I have to ask my Grandpa, he has recorded every inch of Disney and I wouldn't doubt he has some really old and interesting footage. He probably has video of that parade. I have a full Spectro Magic video with the crackhead Spectromen with the fiberoptic hair and Roger Rabbit on the music float. I am going to upload it one of these days.