I'll try not to spend a thousand words, but here are my thoughts:
If you enjoy riding about looking at Christmas lights on houses, or if you are someone who just likes lots of shiny, twinkly things, then the Osbourne Lights is a lovely Christmas treat.
While you don't get to drive through the display, walking allows you to get a sidewalk view of entire houses seemingly made out of shimmering Christmas lights. The Church is really impressive. There is Christmas music playing as you stroll through the streets (generally wall to wall people if you are going right near Christmas Day) and there are some Disney themed things included. Stitch was peeking over a rooftop with a Santa hat on, for example, and toward the end of the walk you get to the New Years lights that count down to the new year.
I enjoyed it. It was truly spectacular and, well, I'm a sucker for shiny Christmas things. However, I can really see why this got the neighbors crazy when it was set up where people lived. It can border on being TOO much. Think of the yard near you that seems to pack every conceivable yard art, massive spotlights, and strings of lights hanging from everything that will hold them up. Now magnify it time 10,000.
But that's why it works so well at Disney World. We are there to see things x10,000!