Just watched the livestream of Paint the Night and while the floats and lighting graphics are great the audio track is awful. Kept hearing that awful Moveit, Shakeit, Dance & Playit music over and over. So monotonous, but DLR has the same audio monotony in their Fall/Winter Christmas parade. Also, a lot of the PtN parade walking cast (and actually some of the floats) has some similarities to parts of Festival of Fantasy. No lighting on FoF but some things are similar.
Having worked the parades at MK for the last 7 years, I don't think PtN would transition well to WDW. I would prefer an updated, more modernized version of Spectromagic at MK to Paint the Night.
Just my $.02, FWIW