Yep, this is a standing-around-the-lagoon sort of show. The best place to see it is from the "Waterfront" area (ie: the line of gift shops and restaurants along the edge of the lagoon, near the bridge.
Get there well in advance to stake out a spot, as it gets super crowded with folks as it gets closer to time. It's a cool show, though!
Interestingly enough, many times I've driven down I-4 past there at night and driven right through the remnants of that mist cloud they generate. It's pretty nifty.