I last attended this 10 years ago, but my recollection is the same as mikesaid yes. Get there hours early to get a decent spot, watch a short show, then wait a couple of hours just to get to, then try to get on, the subway. While the fireworks were great, I remember this mainly as the only time in my life where I actually feared being crushed to death (the police had blocked both sides of the street and were funneling the leaving crowd into the subway station entrance -- there was absolutely no way to leave the crowd).