There is some history to the water pagent, or King Neptunes Parade. It has run since WDW opened. While there have been updates to it, they are slight... the music has changed over the years, but the floats themsleves are original.
It was a Walt Original, it makes a loop around bay lake and 7 seas lagoon. As I recall from trivia, the usual guy that drives the lead boat is the employee that has been with Disney Company the longest. Much like CoP there is always the rumor they will do away with it... and much like CoP it runs everyday.