I like watching the Stars and Motorcade from in front of the information/dining booth at the corner of Hollywood Blvd and the other main street. I find that I have time to see the floats as the come around the corner and then take a good picture.
I have only watched the AK parade once but found that it was pretty good to watch it right near the Safari enterance, after you watch it the line is really short if you want to take another ride or you can wait about 15 minutes for the parade to be back around and then take any pictures you missed.
Illuminations definatel depends on the wind- I have enjoyed it from China, France, and from behind the World Showcase enternace shop.