Hi Lauren,
I've only done the Wishes Cruise (this past April) & we absolutely loved it!
As the Captain took us out, he began to explain some of the changes that have occurred @ MK over the years. He positioned the boat so we'd have the best possible view & told us about Walt's ideas & plans for WDW. Aftr the fireworks were over, he rode us around & explained different points of interest, changes at MK over the years, & gave us info regarding some of the resorts at MK.
When it was over, instead of leaving us off at the Contemporary, he left us off at the dock closest to the MK entrance so we would have an easy time exiting.
We learned a lot of interesting info & had a great time too!
I've read some comments from people who did Illuminations - some love it more than Wishes - others complained about alot of smoke near the boats from the show.
Hopefully someone who's been there can give you a first hand report.
My family all agreed that they'd be happy to do the Wishes cruise again.
Hope this helps.
Karen L