Scotland for Hogmanay - definitely. In Scotland, New Years is celebrated more than Christmas. Up here, you get 2 days off for New Years as well.
While there is the street party in Edinburgh for the actual night, it actually caps the end of a week long celebration. There's the fire torch procession, the worlds longest "strip the willow", and the Christmas markets are still open (very pretty) - amongst other goings-on.
The Edinburgh street party is definitely a tick-in-the-box kinda event. You need tickets to get into Princes Street Gardens (where the major bands are) and also a ticket to get into the street party itself. One costs more than the other. They erect huge screens and speakers on either end of Princes Street so you can see the bands if you don't get into the gardens. Its BYO, no glass allowed (for obvious reasons) and a very international affair (tonnes of flags being flown from all over). At midnight they have a great fireworks display over the castle - easily the 2nd prettiest setting for fireworks I've ever seen (after Sydney).
You could also consider some of the many wonderful European cities for New Years. I've been in Prague (awesome), Norway (5 hours north of Oslo - again awesome), and Tallinn (great fun) in the past years. Will be in the Red Square in Moscow this year (can't wait !).