there are a total of 3 different parades,
High School Musical 2 at 11:30, 1:00 and 3:30 Stopping at both Sunshine plaza and Golden Dreams location. It is about the movie and they sing the songs in the new HSM2 Movie. The best place to watch this would be at the Golden Dreams area which start at 11:45, 1:15 and 3:45.
Block Party Bash at 5:15 Stopping at both Sunshine plaza and Golden Dreams location, This parade is a high energy guest interaction parade getting guest pumped and have fun while dancing with their favorite stars from Bugs Life, Monsters Inc and Toy Story. This parade however is rumored to be gone by Jan 5, 2008 to be replaced by a newer Block Party Bash called Pixar Pals Parade(supposively an updated version of Block Party Bash aka new characters) in March 2008. The best place to watch is also at the Golden Dreams area but it varies on which character you want to see. Toy Story being in the front, Monsters Inc in the middle and Bugs Life at the end.
Electrical Parade at 8:45 aka Main Street Electrical parade This runs from the Paradise Pier gate toward the front of front of the park, purposely running so closely to the fireworks time, this parade show many of the old school characters full of lights with a very interesting soundtrack. The best place to sit also varies on what you plan to do next. If you want to try to get to the fireworks, it is best to seat by the golden dreams, if not, best place to see is across from bugs life.