Fantasmic has always been my favroite show. The Disneyland version is better then the Flordia show, because in Orlando they use Pokie-Hontis, which I think is the worst done film in Disney's history. The Pokie-Honitis part is really slows down the show. Also at Disneyland you feel so much closer to the show, its a better experience!
Can't believe nobody has said this yet, the Golden Horseshoe Review with Wally Boag. To me, it tops Fantasmic because it created a unique experience, not just a retelling of all your favorites. Fantasmic is spectacular, but the intimacy and humor of the review was the best.
Fantasmic is my favorite show overall but I also loved the Festival of Fools show back when I saw it in 1996. I remember seeing the movie and thinking how much better the tenors who sang "Out There" in the DL show were. I'm sure the fog of memory has made the show better than it was (I was a teenager at the time), but those guys gave me goosebumps.
I also recently discovered a VHS tape of a Dick Tracy show at the Fantasyland theater from 1990. Not my favorite, but it's campy fun.