Oh its actually splendid! It's a free fireworks show I can see from my house whenever I like :) The sound isn't too bad as I'm just a couple miles out (about a 4 or 5 minute drive), so if I have my tv on you can barely hear it. You get fairly used to it.

I'm not sure what house you're talking about so I would assume it's gone. I know disney had to undergo hell when they wanted to build California Adventure because they had to convince a whole community, many of whom had been living there for years and years toward the back end of the old parking lot to sell their properties in order to make the room that disney would need to build the park.