I'm a firm believer in individual property rights. I could also see being annoyed by this. But do I have a right not to be annoyed by this? This reminds me of past issues we've taken up; ordinances against above ground swimming pools and other things people might do on their property that my offend neighbors.
It's not loud, it doesn't stink and nothing ends up in the neighbors yard. It's gaudy and over the top. Yes, it creates a lot of traffic from those who want to see it. But do neighbors have the right to prevent that?