It is a parade of decorated boats on the water. If you want to see anything, you will have to get there several hours early and stake out a spot. Otherwise, you won't be able to see anything. Most people bring a picnic dinner.

explorechicago.org/city/…venetian_night.html

I don't know if I would call it lame, but it's not like being in Venice or anything...it's a parade of lighted boats which is fun enough but it get's so crowded. And the lighted boats aren't like cool floats or anything, just lighted boats. Take a walk by the lakefront on that evening--it's fun enough but don't have high expectations.

Many years ago, people thought up the idea of putting Christmas lights on their boats and having a boat parade in Front of Chicago Yacht Club in Monroe Street Harbor. Those not taking part could sit on their boat and watch. I think mostly everyone thought it was a good idea due to the amount of beverages consumed either watching or parading. Years later, other people decided to come watch on the shore. A lot of people show up, and the weather is usually good which helps. If you are here in Chicago, you might as well go see it, but don't get your hopes up. Maybe by now they have fireworks afterwards. Those you will enjoy.

Personally, I have a more positive stance on it than some others here. I agree the boat parade isn't too exciting to watch from shore, but it is something kinda unique if you've never seen it before. And if you are a fan of fireworks, it is much easier to get a good spot right along the lake than the 3rd of July. On the 3rd is such madness. It's (slightly) more relaxing on Venetian Night.