It makes the way around from the Polynesian to the CR on the 7 Seas Lagoon. We watched it from the Polynesian beach around 9:00 last June. Just ask at your front desk and they can tell you. You can take the monorail to any of the monorail resorts and watch it from their beaches.
Here is what wdwinfo says:
Presented nightly at our Magic Kingdom Area Resorts. The pageant consists of two strings of seven barges, each carrying a 25-foot-tall screen of lights featuring King Neptune and creatures from under the sea in an aquatic parade set to Disney music. The pageant concludes with an inspirational salute to America, with Flags and Stars set to a patriotic musical score.
Polynesian Resort -- 9:00pm
Grand Floridian -- 9:15pm
Wilderness Lodge -- 9:35pm
Fort Wilderness -- 9:45pm
Contemporary Resort -- 10:05pm
We thought it was well worth the time. It was fun and free!
