We were in MK during one of the taping days last year. If you're expecting to sit and watch the parade as it airs on television, you'll be disappointed.
The film in segments, with only one float/section out a time. They tape, and retape, the same one several times, then clear the street. They then bring out the next section, and do it over. It lasts several hours. It's only on main street.
There will be lots of people along main street, many in festive costumes hoping to be filmed.
The rest of MK will be business as usual.