I debated whether I should go out and see the fireworks at Taipei 101 since it was my first time here during New Year's Eve, but I decided against it and watched it on TV instead. It was impressive and succinct, and I thought was a lovely way to usher in the New Year. Different from watching the Sydney fireworks every year!
Around 101, the shops stay open till 3am to allow revellers to shop and eat till the wee hours, which is a great idea for those shops! The rest of the shops in Taipei open on public holidays at normal times - eateries open early (like at 530am) and the shops open for business (which make sense, because shops are everywhere here, and a lot of of family businesses - shops are downstairs and their homes are upstairs, so they can open till late because they only live so near, and also if they want to make money, they have to work so they might as well work).