SB -
While Illuminations (and Fantasmic, for that matter) are awesome spectaculars, there's no way on God's green earth that CP could put on something approaching those.
However, in sticking within the realm of possibilities, there is no doubt that they could improve the laser show 100% or more. Dorney Park has essentially the same show, with a Penn State/Philadelphia/New York/Pittsburgh theme (although with Pittsburgh not being in their marketing area, I don't know why...)
One show for two parks would not be a problem. However, they could and should make it less geographical. If they did so, they could easily put up shows in Valleyfair, Worlds of Fun, and Knott's as well with no hassle.
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Duane Cahill
Coming soon to an amusement park near you.