I have watched WoC from the Cove Bar and it's luck of the draw whether you got a table with a view or not. DCA closed at 9:00 pm the night that I saw it and the server came around a little before 8:00 pm announcing last call (for both food and drinks). He said that they stop seating guests around 7:45 pm (about 15 minutes before last call) and take a final round of orders just before 8:00 pm. He told us we were welcome to remain at our table for World of Color (at 9:00 pm). They do begin to clean up the restaurant during that hour after last call and before WoC starts. Only the tables along the rail that looked out onto the water remained filled, the rest of the restaurant emptied out. Unfortunately, they do not take reservations so you have to time it right. The view is fun, but it's off to the side.
I don't think they've made any announcement about how WoC viewing will go once the Cove Bar reopens as Lamplight Lounge. We did talk to a CM at the Cove Bar and he was explaining that it would kind of be like the Carthay when it reopens; there would a lounge-style option and a restaurant option. The restaurant would feature more food items, but both would have the same appetizer menu. If I had to guess, I would think that the restaurant might offer some type of WoC viewing packages (maybe even a view it from your table style package - like the RBT does for F!), while the lounge might be more like the Cove Bar's current system. I'm curious too...