Unless it is completely packed, you should be able to do it all in a day. I would prioritise the following attractions because they are a bit (or completely different) to any other Disney parks...
Big Grizzly Mountain Runaway Mine Cars (I would try to do this first since it's still new and there may be a longer wait for it)
The Golden Mickeys (although if you're a Disney cruiser you will have seen it before)
Jungle Cruise (has a cool ending with fire and water effects)
Festival of the Lion King (this was down for maintenance when I went, but I hear it's a bit different to the one in the US)
Everything else is pretty much the same as their US counterparts from what I can gather.
I enjoyed the parade and the fireworks, and would definitely see them again next time, but it depends on your priorities. When I was there I was able to get a decent spot about 15 minutes before they started, so it wouldn't take up that much extra time.