I've been to this show three times and I could go again! Of all the things we've done at WDW, this show is the favorite of both of my kids. As others have said, the food is mediocre but certainly not bad. I'm a bit of a food snob so if I can tolerate it fine, then it can't be too bad.
We've always booked the show several months before our trip and we always have had a good seat right down on the floor.
We always do the 5:00 p.m show. We will go to Magic Kingdom that day and tour until about 4:00 p.m. Take the boat over to Fort Wilderness. With the 5:00 p.m. show, you are eating at about 5:30. It is a nice break during a hot day. After the show, we always go back to the park.