You can also watch it from the TOTW lounge. On the opposite side of the bar, there is another viewing area that overlooks the pool and the inner "C" of the BLT building. One night, just as the fireworks finished, we walked right across the lounge, out to the other balcony and watched the water pageant. It was really loud too... I think the cup of the building gathered all the sound and focused it right where we were standing.
You will get a better view from the beach or the dock, however.