I have seen the old version with the houses and it was pretty. I also liked the snow effect and the music as we walked down the houses street. I would think that without those houses it would not be as pretty.
I am from Arkansas and actually live less than a mile from Mr. Jennings Osborne himself. I have to say that as beautiful as the lights are, we Arkansans are glad he has "redistributed" his lights elsewhere. Traffic used to be backed up for miles for people driving past his house.
I think it is a really neat idea for MGM.