Keep in mind that it will get very crowded. On the positive side, this is also the time to go exploring the park once you've seen the parade as queues at attractions dwindle to a Disneyland minimum (read: you'll still queue for 30-40 minutes at the more popular ones).
Float 1: Dreams of Imagination - featuring a giant sun-shaped hot air balloon, as well as Mickey Mouse and Minnie Mouse, Donald Duck, Goofy, Pluto and Chip 'n Dale
Float 2: Dreams of Laughter & Fun - the first one dedicated to feature film cartoons, this is a mixture of Pinocchio and Alice in Wonderland. Walking in front of the float are playing cards, White Rabbit, and the Mad Hatter. Decorations include supersized Alice in the White Rabbit's house, Jiminy Cricket, the Cheshire Cat, etc.
Float 3: Dreams of Friendship - this one is Winnie the Pooh/Toy Story. Little Green Soldiers, Woody, Buzz Lightyear, Jessie, Mr. and Mrs. Potato Head, Hamm, Slinky Dog are on the Toy Story side, while Winnie, Tigger, Piglet and Eyeore are on the Winnie the Pooh side.
Float 4: Dreams of Fantasy - Mary Poppins/Peter Pan. Captain Hook, Mr. Smee, Wendy and Peter Pan are all there, as are Bert and Mary Poppins herself.
Float 5: Dreams of Power - the villains float (usually accompanied by a strong smell of sulphur!). Chernabog, the Jafar cobra, Wicked Queen from Snow White, Hades and Ursula are featured.
Float 6: Dreams of Adventure - Lion King/Jugle Book. Featuring an old tree depicting a number of smaller characters, the big attractions are Simba, Rafiki and of courseTimon & Pumbaa. Various animals from those 2 films are visible in the tree's branches, including the snake Kaa. Also King Louie's and Baloo dancing.
Floats 7-8: Dreams of Romance - the kids favourite, princes and princesses floats. Ariel and Prince Eric as well as Aladdin and Jasmine are on the first one, with Snow White, Cinderella, Princess Aurora, and Belle with respective grooms on the second. The couples come down from the floats to dance along the route.