My family had dinner at Narcoossee's on our trip in December and it was really good (our favorite meal of the trip). The food was all prepared really well, the wait staff was very nice, and it did have a wonderful view of Wishes and the Electrical Water parade.
Here is a picture of the fireworks from inside Narcoossee's. Note that we were there during the really cold December night, so no one was on the veranda.
This it the parade (from on the veranda).
I've never been to V&A, but I wouldn't go to Narcoossee's expecting that it is on the same level of V&A. Go with an open mind and hopefully you'll enjoy it as much as we did.