Wishes is primarily a fireworks show, it's a really good one. But I've also had a front row seat to the Macy's 4th of July Fireworks show, it takes a lot to impress me. I'm impressed, but I also know that at least once a year I can go see a fantastic fireworks show in my own backyard.
Fantasmic is fantastic! After I saw it the first time I had to drag my friend to see it on our trip - it rained and none of the characters came out. I love the characters and the story at the show, as well as the special affects. What I don't like? How early you need to get there (though seating is a plus), if it rains they cancel it, and it's not shown every night - making it a pain for scheduling.
But Illuminations. I love the globe, the fireworks and how World Showcase is integrated into the show by lighting up each of the pavilions.
I originally wrote this before I went to Disneyland, I thought the best way to deal with my update was to just add to the post my thoughts about the Disneyland shows. Wishes is still fireworks, the music is great the coordination with the fireworks is great, but it's still just fireworks. I wasn't in love with fantasmic here, I hear the show itself is better, but I found it was too crowded and hard to see since the show is done pretty much in the middle of the park instead of in a dedicated area. The experience of watching Fantasmic here took away from the actual show.
World of Color on the other hand was really good. I'm still sticking by my love of Illuminations, but this show was special too. And they have much better organization for seeing the show (with the use of fast pass) that it wasn't as overwhelming as seeing Fantasmic. Though it is a bit disturbing that I got there over an hour before and couldn't get that good of a spot. This is one event where the dining package could be worth the cost, just to get the good seats.
