Wishes is good, but the Nightastic show (which I believe was a souped-up version of the Pirates/Princess party special fireworks show) in summer of 2010 was ridiculously fantastic. There were some elements to that show (like the exploding castle, and the sheer number of peripheral fireworks around MK) which were literally jaw-dropping, something I never really felt with Wishes. I think I saw that show four times over the week I was there and I couldn't get enough of it. As other posters have said, Wishes is great, but they've put on so many better fireworks shows recently that I think it's time for a new one. I saw "Magical" in DLR recently and I liked that one quite a bit better than Wishes also, although I only saw it once, so I'm not sure if it was just the new-ness of it. Certainly they could create a new show that takes advantage of the Magic, Memories, and You projection technology. Even if they just overlay it with the current Wishes show it would be a great improvement, although I'd hope for something that's completely new.
And speaking of new nighttime shows, what about Illuminations? Reflections of Earth is ancient compared to Wishes ('03); it opened way back in '99 and hasn't really been changed since except for some minor enhancements on the globe projection. Time for an update there, too, methinks. I feel like it's aged better than Wishes has, but it's still definitely showing signs of age (especially the projections on the globe and the dancing fountains which seem downright silly compared to something newer like World of Color). I feel like they could make a new Illuminations-type show integrating World of Color technology and create something truly awesome.