I personally believe it involves a perfect combination of three things: Great story, a lot of "wow" moments. and yes, good viewing. This is part of the reason I think a lot of people actually prefer DHS's Fantasmic, because it blends these 3 things rather well. And even though as a pure show Disneyland's is clearly better, the stadium seating at DHS makes it almost as popular.
So what do you think? What are the ingredients to a perfect Nighttime show? What is your favorite nighttime spectacular, and what makes it your favorite?
Walt Disney World's Magic Kingdom
Disney's Animal Kingdom
Disney's Hollywood Studios
Disney California Adventure
Universal's Islands of Adventure
Universal Studios Florida
Universal Studios Hollywood