Going into it I was a little concerned with it being a bunch of recycled material from It's Magical and Magic Music and Mayhem. I never watched the Steve Davison presentation only read about it but I was glad to see that wasn't really the case. It's Magical from Tokyo seems re-orchestrated and everything and is definitely brief, to the point where you wonder why it was even necessary, and I'm really not against when Disney uses things from other parks when they don't simply rehash it without any effort and use it as part of a grander show/experience. Tokyo does that frequently with some of DL/WDW's stuff even and it's really not a big deal to me. It's only when they flat out take something from another park, redub the vocals maybe, and make that the entire experience, a watered down version of it that doesn't do the original justice, that it gets on my nerves(i.e. WDW doing cinderellabration, ddct, dream along with mickey, etc etc etc ;P). Magic Music and Mayhem was very short as well and was never a real problem to me having the 3 fairies section be used considering it is after all Sleeping Beauty's Castle this time.
Speaking of Sleeping Beauty's Castle, the lights definitely make it seem iconic and majestic like the one I grew up seeing on TV. I liked seeing that very much especially coming off of a day where I could hear a character attendant at Animal Kingdom was rambling on to guests about how small Disneyland's castle was and what a disappointment going there was(I know... to guests.. right?:P)
The show is very random. It's a mesh of soundtracks and no real theme, not even an "It's Magical" theme to be honest. It is sort of representing itself as another "Imagine...Fantasy in the Sky" to fill in for time between the last big fireworks show and the next one, which is fine and great that they're trying to at least keep it fresh and enchanting for people in the meantime without resorting to just playing the latest Disney Movie Soundtracks mix cd(which they sure did with that oh so loved *cough* 2nd iteration of Imagine...Fantasy in the Sky). Cinderella bursting into tears in the middle of it was really silly though. The fireworks were that depressing to you up to that point? You wanna go join the baby crying next to the guy videotaping so you can work out your issues with an infant? :P And Dumbo was cute, but like everything else was brief and kind've left you going "what was the point of that" instead of the desired "oh that was something cute they didn't have to add but did because it's Disney magic."
So at least I'm happy with it. It really doesn't matter if you liked one show better than the other, or if RDCT was firework intensity to perfection in your mind, or if Believe was still better. This is something new and refreshing and not permanent and you have to enjoy the breaths of fresh air when you get them because it's damn sure a whole lot better than being stuck with the same show forever like WDW frequently is =P