We saw this one last August, and we did not think it was that great. It's not a true parade. Instead, the floats each stop at a few designated spots along a parade route, characters and performers dance and perform acrobatics and such in that area, and then move on.
I personally think it's the weak link in the afternoon parades, and I would not stay in the park specifically for it, especially in August (we go then too) with a three year old. Go back to your resort and relax.
If you are set on seeing an afternoon parade while you're there, I personally think either the MK or AK parade would be a better bet--and again, I'd just do one of them but I wouldn't mind missing them either.