Hi! I did the Illuminations Cruise in Sept. 03. DBF and I LOVED it! It is such and relaxing and special experience. You really feel like a VIP.
We ended up sharing our cruise with a family from The DIS, and meeting them was a real treat.
On the cruise, they take you out on the water, past Boardwalk, Swan, and Dolphin, and then double back to get to EPCOT. This part was beautiful, and it was just getting dark and everything was lit up. Like I said, SO relaxing. The pontoon boats are very comfortable, and our captain was a hoot. I've heard that most of them are very personable and know lots of Disney trivia. Mine sure did!
For Illuminations, you are moored up next to a couple other boats, just at the edge of the lagoon. The view was nothing short of amazing, and it was great not to be in the park holding a spot for an hour!
Although we opted not to because of cost, I do know that you can add on a bunch of food and beverage options to the cruise. In fact, I think I read recently that Disney is going to start making you at least purchase a basic refreshment package. You might need to look into this before you book.
Hope This Helps!
Chrissy