We usually watch it from Germany. The only problem with this, if you are using Disney's bus or monorail transportation is the long lines afterward. Another option is the pathway between Space ship earth and the entrance to World Showcase. You can see the fireworks, but the lower fountains are hard if not impossible to see. The plus about this sight is the quick exit from the park.
Sorry, I've only seen the 4th from the MK. But I stayed at Pop: 50s last 4th and could see SSE from our building. The whole side of the ball facing us was covered in large clear images including the flag, an eagle, and (I think) a Native American. It was very impressive to be sure. And over Christmas I was at Epcot and saw Seasons Greetings type messages written on the back of SSE from a laser (presumably the kind used in Illuminations.) That was pretty cool too. But if they do these effects again, you would likely be able to see them all night and not just during the show. Hopefully some more people can add their suggestions for ya too.
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