Last year we got to the parade just as it was ending and it looked so cool. This year we plan on getting there early so we can videotape and watch the whole parade. I hear lots of good things,also check out this link:
Not sure what ages your kids are, but my DD4 loved it. It even captivated my DS1. You see a few different characters than the other parks.... Mike & Sully, JoJo & Goliath, Toy Story (i think), plus the usuals like Mickey, Minnie, Goofy. If you bump your PS back to 4:30, you should be fine.
It is a really fun parade. You get to see characters in their "themed" cars and you get to see some you may need see anywhere else. If you can bump your PS, I would. Or perhaps you can park hop over to MGM another day to see the parade?
I was pleasantly surprised by this parade. There are tons of characters and being in the car puts them more at eye level and they feel closer, rather than when they're up on a float.
After being in Disney 5 times in the last 8 years, this past trip was the first time we've ever seent this parade. We all LOVED it. We videotaped all of the parades we saw & that is the one the kids request to "watch" the most. Definitely see if you can adjust your PS time, or make time on another day to see it.