1. Probably. WIth any ride, some will like it and some will not. It is a popular ride, so I am going to go out on a limb and say most folks who ride it like it. It is not a roller coaster or high g-force ride, so most folks who are able to ride it find it enjoyable. The only downside I find is that the wait is almost always long - even with a fastpass. But seriously, every ride at WDW has folks who do and don't like that attraction. Some folks are afraid of even the most timid ride, and others are not afraid of anything they've ever been on in any park.
2. depends. There are three rows. I don't have official info for bottom row, but the bottom row is I think only about 10 feet off the ground, whereas the top row is more like 40 feet (according to my travel guide) You dont really look down though. Mostly you look at the big projection screen infront ofyou. It feels like you are gliding.But you can always tell it's just a projection screen. IF you close your eyes, it won't feel like much of anything at all.
3. Seated. You are also strapped in. The only folks I've heard who have any problems with this are those that have an INTENSE fear of heights or VERY intense motion sickness. Overallthe ride is rather mild. It is like gliding, not intense dropping and rising.
the coolest par tof the ride is the pumped in mild fragrances. Nothign obnoxious or very strong. Indeed, many folks can only ID one of hte fragrances, but there are several different ones.