IMO the big wild card for NYE events in vancouver is precipitation. It's one thing to be cold like new york and london, (and australia is warm in December), but vancouver has a good likelihood of rain at that time.
I'd rather put limited public event money into canada day in july (which amazingly, we didn't have regularly until recently) than an event in december with feast/famine chances of attendance.
And amazingly, this make me in agreement with whatnext. Who knows - with an HST, maybe we will have that extra funding for an NYE celebration...