We saw the Osbourne lights last year and thought they were amazing. I was very disappointed to hear they wouldn't be doing them this year HOWEVER, don't be bummed...
It is so worth going to Disney this time of year! IMHO the best time to go!
We were there last year and in 2001 in December and I didn't even know about the Osbourne lights in 2001. I was very impressed with the beautiful decorations not only at the parks but at the resorts as well.
You can make a day just to resort hop and you'll be so impressed with the displays and decorations! Some of the resorts and parks have holiday events too. GF had a "bell" band, it was quite enjoyable! They did holiday songs in bells!
EPCOT has various holiday storytellings at many of the WS countries. They also have holiday processionals and the Mickey's Christmas Parade at the MK.
There really is so much to see other than the Osbourne lights...plenty enough to make up for their absence...IMHO I believe this time of year is the most magical to visit WDW!!