It has been about 5 years now but my family spent NYE at the Boardwalk and it was FUN! they passed out hats and noise makers and had a DJ/dance party in the big grassy area that is between the Boardwalk hotel and the water which went on until just past midnight. We arrived around 7ish and had dinner and then once we were done they were passing stuff out and we just walked around for a bit enjoying the atmosphere before the dancing and music started and then we all enjoyed that. Young and middle aged! We also watched fireworks from the Boardwalk too.
We had a package that didn't start until the next day so we didn't have park tickets on that night (this was before I knew we could have picked them up early! LOL) so we were just looking for something "cheap" to do and not enter the parks. Even with park tickets I would choose this again in a heartbeat. yes it was crowded but nothing like the crowds found in the parks!