Of course, the last time I was there was 10 yrs ago on my honeymoon (I can't believe it's taken us this long to get back to WDW!)
I don't remember exactly how the food/show was, but I know that I had wanted to go to the show b/c I had remembered it from childhood trips ... and I was NOT disappointed. I don't know if they still do this, but when we went, they get audience participation by asking "who is having a b-day? anniversary? etc." So if you're celebrating something, it's a real "must-do".
Since I've been frequenting these boards, I've been surprised at how much "bad press" the Luau get. IMO, it's one of those unique experiences that makes WDW what it is!