I heard about plans for this about a year ago, (I think) before the whole Celebrate theme was released, so I didn't really know what it would be for. Back then, the plans for it actually sounded pretty cool. Granted, I haven't heard too much in the new plans that sound like the old plans, so the budget tightening could have already taken a toll on it. My point, though, is that I think it already has a bit of a negative stigma just because of the celebration it's attached to. We should probably withhold judgement now, and wait to see what it really turns out to be like.
And just a couple of clarifications-
*the street party was never meant to replace DDCT or PoD; it has always been planned to be in addition to it. DDCT is going through a makeover to fit the new celebrate theme, so I imagine it is pretty safe from the axe. PoD however, wasn't so lucky (even though they had already worked on a new intro and new music for the show stop that matched the theme)
* the new theme and the street party had nothing to do with PoD not coming to WDW. Those decisions were set in motion a little while ago due to other circumstances. There still is a very slight chance that WDW will see PoD, but it isn't likely.