In a rather strange turn of events, the Celebrate a Dream Come True Parade will be operating a bit off-schedule from July 18th-July 31st. You can catch the parade twice a day at the Magic Kingdom during this period at 12:00PM & 3:30PM.
As for the reasoning behind this, we have heard several different things. First, the Magic Kingdom is looking to see the impact this has on wait times for attractions around the park. If it distributes guests in a pleasant way, then we may never see a parade at 3:00PM again. Either twice a day performances or these new times may become the norm for parades.
Other rumors persist that this is in preparation for changes connected with a new parade coming in early 2012. Some Magic Kingdom cast members have been informed that the current parade will get another overlay/music change before the year is over and will then be finally replaced next year. Again, this should all be taken as a rumor for now.
Stay tuned to WDW News Today as more information becomes available on this breaking story.
UPDATE: The entertainment schedule for a few other Magic Kingdom offerings will also be affected during this period –
On normal operating days, the Main Street Trolley Show will be presented at 9:15AM, 10:45AM, 1:05PM, & 2:20PM. On EMH morning days (Tuesday & Thursdays), a Trolley Show is added at 8:20AM.
The “Move It, Shake It, Celebrate It! Street Party” will be performing on a new schedule as well, with performances at 10:00AM, 5:30PM, & 7:00PM. Again, these changes are only in effect for July 18-31, 2011.
The MK is long overdue to recieve a completely new parade and not a rehash of the same one that they've had since 2001.
I remember hearing rumors of an all-new parade coming to the MK for the park's 40th anniversary, which I hope happens.