The revamped star of the annual Dec. 31 ritual - with 9,576 energy-efficient bulbs that use about the same amount of electricity as 10 toasters - made its way slowly up and down the 77-foot flagpole atop One Times Square with bursts of color. Millions of revelers are expected to pack the streets for the celebration on what is expected to be a chilly but not bitterly cold night.

Workers with the Times Square Alliance, a business group in charge of staging the event, were inflating balloons and testing confetti ahead of the celebration, and planned to hand out hats and mittens to the frosty crowds this afternoon. The forecast for New Year's Eve called for snow and temperatures in the 40s.

The celebration was scheduled to include countdowns with entertainment gurus Carson Daly and Ryan Seacrest, who will be joined by New Year's Eve legend Dick Clark, and performances by Kid Rock, Jordin Sparks, Carrie Underwood and The Bravery.

In addition, the USO Troupe of Metropolitan New York will perform and a "salute to armed forces" was planned.

Mayor Michael Bloomberg was set to share the stage with recent Police Academy valedictorian Karolina Wierzchowska, who also served in Iraq and worked at Ground Zero after the Sept. 11 attack