Wow, so many "fireworks" threads being started today!
My experience from the US Independence Day celebration in July is that unless your P3 is
very close to the fireworks as they explode in the air it is difficult to get good photos or videos. The bummer being that if you try to get close, you risk flying over people watching the fireworks. Maybe if you know where the show will be in advance you can think about a good route to take in the air to get close and avoid people. Certainly turn off your front red LEDs for the actual photos or video recording, but for better visibility perhaps turn them back on while traveling to and from your ground locations.
I recall at the time that someone posted a video of his Phantom being right on top of the explosions. One explosion seemed to be directly in front of his camera. It was pretty awesome to see I must admit, though having his Phantom that close to basically ground to air missiles was certainly questionable!
UPDATE: Here's the link to that video I mentioned. I think his Phantom gets hit at about the 2:25 mark, but the whole thing is spectacular. Plus, Bocelli is crazy awesome.
Note: I am NOT suggesting that anyone try this at home!
@salwaterclown - the video shows fireworks from a barge on the water.