I love the Midnight Madness sale! I second (or third) this. However, I liked it much better when the sales were a) meaningful (5% off items no one wants to begin with isn't going to bring someone into a store) and b) progressive (as in the sale gets better as the night goes on).

Also, posting a list of who's participating and what they're offering -- maybe on a map? -- somewhere conspicuous and online would be SUPER helpful. I find myself calling every business and posting a list here every year :).