The area is right in front of the castle....nice location, good viewing, low crowds....we had plenty of space around us and no craning of necks for shorties to be able to see. Not having to sit on the curb for an hour + and wait was a selling point for me.
That said, the downside is that you can't get a 4th FP until after you have used the first 3 so that puts your 4th pretty late in the afternoon, so there won't always be really good choices left. So it may depend on whether that 4th is important to you....based on what rides you need and what time of the year you go.
I will say that the one I found a "waste" was the fireworks FP.....the area was nice and again getting there last minute and not having to be shoulder to shoulder with strangers (you could sit on the grass even!!) was very nice. But the view was not very good to me, as I really like seeing the castle under the fireworks, and it was more of a side view.
So....as with most things Disney, depends on you and your needs....