Depends on what you do...
I found that spending it with good friends in a smaller atmosphere was more enjoyable than the crazy parties in the past. With younger kids, it is different, as being here in the West Coast, it is more fun to celebrate with them at 9pm (midnight in New York, and we can watch that on cable). As for the Rose Parade, we watch it on our couch, with blankets, and hot chocolate (or coffee for me). That will be our New Year's this time, and I am happy with that.
Now, we have done a lot of various things on New Years.
Fraternity parties that usually ended with someone way too drunk (quite a few years).
Disneyland at midnight (actually a lot of fun with our group)
Helping work on the Burbank float for the Rose Parade (they move it at 1am or so from Burbank to Pasadena)
Stayed at the Rose Parade (you can see many of the floats from 10pm on in Pasadena on the streets).
Celebrated at a cool restaurant / dance club (a few times)
Went to Vegas, watched a concert, and was in the craziness at midnight when all people go nuts at midnight.