We stayed riverside the first time (three years ago, when they still had a buffet of desserts instead of pre-boxed. I heard they recently went back to the actual buffet for riverside, though), first row.
The last time, we did the balcony and were second row.
We greatly preferred the riverfront seating. We were as close as you could possible get. It was especially great for the kids. You are really front row, and can feel the fire, etc.
The desserts were better on the balcony (more cakes, etc. as opposed to the more portable desserts like Mickey rice crispie treats, chocolate covered strawberries, etc.), but we were in the second row and my dh had to hold my youngest so he could see.
If it were just dh and I, and we were gautanteed the first row, we would do the balcony again. It's just more relaxed.
In both cases, I just really loved walking up five min. before showtime.