Both shows are great. The Cinematic Celebration is similar to EPCOT's Illuminations;
It's a water show with projections, music and fireworks.
If you plan on seeing it, make sure you wear a waterproof jacket. We were on the top level and with the cold temps 48° and wind we still got misted big time. There are three viewing levels but all levels provide a clear view.
Have a great trip!