We were there last weekend and enjoyed it. It's held in a covered patio. The food was varied and tasty. It is buffet style, as opposed to the Disney Poly luau which is served at the table. Choices included salad, stir-fried vegies, seared rare tuna, shredded pork (display included the pig's cooked head -- a little close to the food chain for my taste!), fish, rice, rolls, and some yummy desserts -- mango cheesecake, macadamia nut pie, chocolate banana pie, etc. They had mac&cheese and pizza, too. Drinks were included -- sodas and mai tais. The mai tais were pretty weak. Service was only fair on the drinks -- hard to get the waiter's attention, presumably because tips are included in the price.
Seating is first come/first served, although there was a company group there that obviously received advanced preferred seating at a front table.
The show was a typical Polynesian show with hula, tahitian dancing, fire batons, etc. Quite entertaining, though a little repetitive eventually.
If you like luaus, I think you'll enjoy it. It's $50 per person, but you get a 10% discount with a Universal Preferred Annual Pass. We gave a credit card number when reserving, but paid at the dinner. We were told you could cancel up to noon on the day of the luau without penalty. I didn't ask, but I assume after noon the penalty is the full price.