Having watched this a couple times and rewatching Wishes (since the last time I saw that was live back in spring break of 2005.), my thoughts.
Personally, I like Happily Ever After a lot more then Wishes. While I did like Wishes, when I look back on it now compared to HEA, it did grow a bit dated. (That and I'm not the biggest fan of having a bunch of little kids singing the main song, that can get into cutesy territory I'm not fond of.)
HEA is a very nice upgrade in tech, audio etc. The projections are great, I love the little touches be it the fireworks "shooting off" the castle from Merida's Bow or the firework from Mulan, or the smoke pouring out of the genies lamp. I also really like the Tinkerbell fly over being moved near the end of the show, since it works better there then Wishes which didn't even wait two minutes before sending her out.
As other's have mentioned, I love the use of the underrated films. Hunchback of Notre Dame is legit one of my favorite Disney films (Hell, that movie has some of their best songs period.), so I was very happy to see a good chunk of Out There used. Using "Go The Distance" near the end was also a nice touch as well. (In some of the videos it sounded like the first couple notes of that got one of biggest cheers out of the crowd.)
Now I know some people find the Pirates section out of place, though it really didn't bother me since it wasn't that long, that and you see just the shadow/outline of the characters so it didn't really detract anything for me. Now if there was a moment which made me raise a eyebrow, that was the little bit with Lightning McQueen and the new female car that's in Cars 3. For me that just felt a little odd since that film ain't even out yet.
Overall it's a really good nighttime show, though I do feel this is not gonna' help Animal Kingdom whatsoever since I know a good chunk of people who would rather see and enjoy this over Rivers of Light.