The DL one is indeed more intimate. I've been to both and thoroughly enjoyed both...but I have to say the DL one just felt more special. They've been doing it since 1956! I mean, you can't beat the massive choir proceeding through the dimly lit streets of DL holding candles and singing Christmas carols. And watching it in the front of Main St. train station is just magical.
The only issue is of course the crowds...things get pretty tight in there without the luxury of space that Epcot has. Heck, you could probably fit 5 Disneylands in World Showcase alone.