We have done it 4 years in a row... Hollywood Studios, Epcot, MK, and again Epcot. We absolutely love it.
It does help if you are a bit of a veteran and know what you are getting into but is easily manageable if staying on property, especially with access to the parks via walking or boat. Buses and driving can be a nightmare.
MK is the most crowded on NYE, Epcot is the most fun for adults and because of the size handles crowds better. Looks as if all 4 parks will be open through midnight on NYE this year. Do note MK has NYE fireworks on the 30th as well and many do MK on the 30th and Epcot on the 31st.