When we used our preferred seating, we had to check in well in advance, and then stand in a separate line from the normal guests. So we were in line before the others were. Then they let the other guests in first, and we were last. Our seats were the ones on the "floor"...not the floor, there were seats, but not a balcony. Orchestra seating if that makes sense.
Now what did that do for us? Nothing! When one element of the show comes plodding in, we had to turn our bodies all the way around to see what was coming in behind us, and then we could just barely get the full effect (it's during the "prince ali, aliababwa", aladdin appearing as the Prince, scene, if that tells you what comes walking in).
Reviewing...checked in before the other guests got in...waited in blazing sun (the waiting area LOOKS covered, but it's not, and if you're between umbrellas and it's hot, you're going to broil)...were the last group seated, and they were bad seats...
We wouldn't do preferred seating again.
BUT! That was in December of '07 and the crowds were absolutely minimal. If we went in mid-June, it might be more worth it. But still, the seats kinda sucked.
Oh and something important about the Hyperion...no bathrooms. If someone in your group has to go, you first find an usher, get a special re-entry pass, leave the theater and go to the bathrooms between the theater and Monsters, then come back, go to the side of the building, knock on the doors if no one is outside, show your pass, go back in.