We did go to the fireworks display last night in Panama City Beach at Pier Park. It was fine, as far as it goes -- in terms of number of fireworks bursts, Disney doesn't compete. This was a full 20 minutes of a constant stream of fireworks, with a pretty intense finale. However, there was nothing but fireworks -- no music, certainly no story -- no show. It was kind of cool to see the fireworks over the gulf, but they were all fired from the same point. There was some variation in height, but none of the wide view you get at WDW. And while there's always a crunch to get out of the Magic Kingdom at the end of the night, especially if you leave right at the end of Wishes, that's nothing compared to what we experienced. We waited at least an hour before we even ventured toward the parking lot (Pier Park is a large outdoor shopping mall right across the street from the beach, so if you go toward the front center to watch, it's a little like watching from down Main Street), but police were only directing traffic at the lot exits. We waited an hour or more before we even bothered to get in the car, and (at this point it had been more than two hours since the fireworks ended) it still took another half-hour-plus to get out of the parking lot.
There was a nice atmosphere and the kids had fun. A live band did some good stuff after the fireworks. And the fireworks were nice for what they were. But I doubt we'd go back again. Frankly, I don't think the crowds at the Magic Kingdom could be worse, especially if you're in no hurry to leave -- and we never are. Of course, you would have to get there early. I've been at the Studios on July 4th several years ago, when they still did Sorcery in the Sky on that day, and it was overall a better experience.
Scott