Here's a pretty awesome Christmas display, courtesy of MercedSunStar.com user 'TheEliminationist.' It was mentioned first in this Sunspot post.
There's another musical light show, this one set to the tune of the song from 'A Charlie Brown Christmas,' on Sunset Drive, just north of El PortalDrive.
Know of others? Tell us about them in the comments section under this post. Oh, and make sure to send your Christmas light photos and videos to the Merced Sun-Star.