If you would like to have dinner at the California Grill you can call 407 WDW DINE and make a Priority Seating. It is similar to a reservation, but more like having a place saved in line at a certain time. If you would like to see the show I recommend a seating about 30-45 minutes prior to the start of the show. If you are interested in the menu you can view a fairly recent one at allearsnet.com, under the Dining/Menu section.
If you are staying there and are in a tower room, on the MK side you can see MK fireworks, and I believe on the Bay Lake side you can see EPCOT fireworks.
The other bars/lounges and shops are all on the 4th floor, which is also where you take an escalator up to the monorail level. The only exception is the fast food counter that is in the arcade on the 1st floor.
It is a beautiful hotel, one of my favorites!