There is a traditional fireworks display and they air the music on the radio stations here (102.1 + 103.1 Mhz)
Since the buyout, Im wondering if they will air the show this year...
You will have to wait or go early to find a parking space. Remember there is only 1..1 road here..highway 98
Since I've never been to this event I'm going to pull my *** and guss that any oceanside restraunt in the area will have a view on the 'works.. but don't quote me on that. What I would do is call the Oaklossia Area tourist hotline and ask for details.
http://www.destin-fwb.com/
or search google for it.
Rob in Fort Walton Beach, FL