Epcot, no question. The Osbourne lights are good but I liked them better before they cleared the area for the Lights, Action, Motion stunt show. Many neighborhoods have nice light displays and larger cities, like where I live, have several drive through areas packed with lights. So the argument that the CP can be seen at any large church is also true for light displays.
But, I like the CP better as the choir and readings are traditional Christmas (so are Christmas lights for that matter) plus the World of Nations area has several story telling and events that are Christmas related that are fun from the Monkey King Story at China, the Christmas witch at Italy, the singing at the American Adventure, etc. that make this area so much more enjoyable at Christmas than just the lights at Hollywood Studio.