We did the dolphin swim at Blue Lagoon last year with a 12 and 14 year old girls. It was great! It wasn't cheap, but was the experience of a lifetime. That being said, dolphins are not small and can be intimidating when you are in the water with them. There was a younger girl (maybe 7 or 8) in our group who wanted nothing to do with the dolphins while in the water. There is a fairly brief educational video and presentation by a trainer and then into the water! They swam around us, gave us "kisses", let us feel their teeth and skin, "danced" with us, let us hug them, quite a bit of contact and interaction. Then we each did a "push" where they put their noses against your feet and push you quickly across the lagoon. Finally, they did some amazing tricks and played with the trainers. There are other options available varying the exposure/contact with the dolphins (and sea lions). But for us, the athleticism and playfulness of the dolphins was the key in doing something with them. And the pictures and video are priceless. The stingray encounters are neat and probably more appropriate for younger kids. The highlight is feeding and touching them. For adults...meh. Next time we may do the snorkeling cruise.
The most important thing is to know what your child can and can't do, and how they handle certain situations and book something appropriate. You can cancel excursions up to 3 days prior to sailing. After that, you may be stuck.