My rating is VERY biased... the only Chinese New Year celebrations I experienced in the SF area were with the Grateful Dead, and they were AMAZING!!! Some of the best experiences of my entire life! So, I guess, If you are going to see something Dead related in SF for Chinese New Year, I highly recommend it, otherwise, I have no opinion at all.

Wonderful, educational, noisy outdoor party. The big colorful nighttime parade is also shown, at least locally, on TV. There is much to learn, hear and see for kids of all ages. There are lots of good things to eat as well. Before the big parade there are two different street fairs where some of the streets in Chinatown are closed to traffic and there are various booths, as well as the usual interesting shops and restaurants. Not a place where you will easily get bored! This year upcoming soon is the Year of the Horse.