Yes, sad to say Residential Street is no more. The Osborne Lights will be in the New York Street area that now includes additional cityscapes, adding Chicago and San Francisco to the already existing New York City skyline. Don't forget to pick up your special "Star" glasses before you tour the lights. The glasses enhance the 3-D effects of some of the displays.
The stunt show Joe is referring to is the "Lights, Motors, Action! Extreme Stunt Show." The original is in Disneyland Paris. Here's a
video clip of what you can expect to see when the attraction opens at WDW sometime in the spring of 2005.