We did Makahiki Luau for my birthday last year and loved it. The atmosphere was really good and if you have children it is great because they get up on stage and learn to Hula. The food was OK - not brilliant compared to other restaurants but it was hot, fresh and there was plenty of it. I havent dined with Shamu so i cant compare but the Luau was good fun.
Yes the meal is included plus a welcome drink. Cocktails are extra but i dont think they were too expensive. You get a flower garland and a (removable) arm tattoo - all good fun and worth it for a special occasion.