I have to strongly disagree about staying in Town Square after the parade.
So much discussion leaves out the fact that MK has added a THIRD nighttime
spectacular, "Celebrate the Magic," that begins 15 minutes before Wishes.
It is a high-tech show that is projected right on the front of the Castle facade.
The view of Celebrate the Magic is really poor from Town Square.
Many consider CtM to be an even more exciting, magical and unique show than Wishes,
and it needs to be seen from much closer to the Castle.
Also, (and I consider this to be a major deal breaker)
they intentionally
leave the lights of Main Street fully ON
at the Town Square end of Main St. during CtM and Wishes.
This is to facilitate guests
leaving MK during these shows.
The very fact that hundreds (thousands?) of guests will be
walking, pushing strollers, piloting
ECV's, and even yelling back and forth at each other
over the music of the shows, etc. makes for
an atmosphere that's incompatible with enjoying two of the three major MK nighttime events.
Add to that the thousands of bright lights in your line of vision in shows that are designed to be
seen under dark conditions, it's not a positive experience in my estimation.