1. Flag Retreat - very moving for me because my Dad is a WWII veteran, plus I always get choked up during the national anthem anyway. Every evening the US flag is taken down. DL does it ver ceremoniously (sp?). A few of the security guards formally march out to the flag pole and the national anthem is played while the flag is taken down and folded. I believe they will let military veterans participate, just ask at City Hall.
2. Mickey's Cavalcade - since there is no formal parade right now, this is the best they've got. Mickey and most of the characters march along the parade route. The princesses get to ride in one of the Main Street vehicles and Mickey and Minnie ride a staircase float. The other characters walk and there are a few cast members dancing along too. It's maybe 10 minutes at the most.
3. Toontown Madness - an early entry of sorts for special ticket holders. I think you have to purchase a package, but not exactly sure. Toontown usually opens 1 hr later than the rest of the park. Special ticket holders can get in during that hour and meet many of the characters. I don't think any of the rides are open though.
4. Sword - In front of the Carousel is the sword in the stone. Throughout the day Merlin comes out to tell the story of it. Several children are picked to try and remove the sword. Merlin gives a secret sign when he's ready for someone to remove the sword and someone backstage hits the release. That child gets a special certificate and not sure what else.
5. Character Celebrations - not exactly sure what this is. Could be just where you'll find characters or could be something else they cooked up to fill in while many things are closed in preparation for the 50th.
Anyone know for sure what the Character Celebrations are???
As for not to be missed, I'd say the cavalcade if you must see some sort of parade. It is cute, but just be prepared that it is not an elaborate parade. And if you are allowed, then Toontown Madness.