We used FP+ for Illuminations but my Epcot geography is not perfect so bear with me. It's down at the 'bottom' of the lagoon, near where you first enter the world showcase from Future World, a little bit to the right. IIRC it's sort of behind that main shop where they have F&W or F&G merchandise. It was a nice view, but it's the only spot I've watched the show from so I really have nothing to compare it to. It sounds like it's fairly easy to snag a good spot for Illuminations, so I don't know if I would necessarily use a FP for it. I think maybe I got ours as a 4th FP for the day. The positive side obviously is that you have a guaranteed spot and it's not overly crowded.
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