Does anything special happen on New Years Eve?

Yes all 4 parks do fireworks and stay open late. However, all of the parks will be PACKED. The week of Christmas/New Years is the busiest time of the year and the parks are often at capacity.
 
I don't think there are fireworks at AK and it doesn't stay open as late as Epcot, MK and Disney Studios. They are all open until 1AM at least. Fireworks at midnight. Bands, party favors, etc. At PI, there is a hard ticket party with special musical guests. We had a blast and have reservations for this coming NYE.
 
Yes, It becomes a MAD HOUSE! It's fun, but you have to have patience. The parks are very crowded to the point that it is hard to walk around. We were at Epcot this past New Years. They passed out top hats and horns until they ran out. I can't tell you how many times I had a horn blown in my ear!
 

We were at MK allll day and evening.
we ate breakfast at Kona Cafe and headed to MK.
First thing Dh had his haircut in the Main St barbershop.
While he was in line two marching bands went by. (I think bands from the "big bowl games". I am not a sports fan, so know little about them. I think one was LA and one was IA.)
Plus I think HS bands were used that day too.
SpectroMagic was on twice.
Wishes was the first fireworks show.
At midnight was Fantasy fireworks, two shows, one at each end of MK at the same time. :goodvibes
 
I was in MK for NYE 2003/04, just me and 2 of my kids. While it was a very neat experience, I would NEVER do it again! Ever! LOL The morning was okay, just a normal busy day, but around noon wait times were attrocious. I am talking 180 to 240 min wait times for Space Mtn, Splash Mtn, etc etc then after the 1st showing of spectro me and the kids could not get off the bridge to tommorowland.;.ugh....never again! LOL
 
They had three Fantasmics running that night, too.
 












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