I really like sitting on the low wall right outside of Peco's Bill's for Spectromagic. I get a burger and eat while I wait. It is at the end of the parade route, so you can see the floats entering the last gate and disappearing. They don't allow strollers on that side of the street, but they do on the other. Because it is not very wide, there is rarely anyone in front of you.
Then, I have just enough time to cut through Adventureland to be at the circle for the fireworks, I stand on the edges to be out of the way of people who have been there awhile.