If you want to both eat AND watch IllumiNations, I recommend you either make an earlier dinner reservation (no later than 7) and THEN watch the fireworks...OR if that dinnertime is too early, watch the fireworks from somewhere close to the International Gateway (back entrance to Epcot) and schedule a very late dinner (after 9:30) at one of the Epcot area resorts.
As others have stated, Rose and Crown has patio seating, but unless you are seated directly on the water (very limited # of tables), the view is kind of obstructed. We were unable to see the higher fireworks from there because we had trees and an awning in our way. We were disappointed in the view. I think that there is still a nice view from the smaller restaurant in Japan, Tokyo Dining. I have read some dining reports to that effect, if I remember correctly.