I believe you can see the fireworks from the pool deck. (note, the pool is on the roof of the 3 story part of the hotel...so if you have a pool view room that's higher than that, you can watch from your room if you can't make it out to the pool)
Make sure you have the walking path correct! For our first big trip to DLR we stayed at PPH, and I goofed. Had us following the marked path that takes you behind the theater, by DLH, and alllllll the way through Downtown Disney. That's not the shortcut.

Go out the *front* doors, go left then cross the street at the crosswalk, walking into the Grand Californian area. Go in the big fancy doors (sliding *stained* glass).
If you wish to use the entrance to DCA, you are eligible to do so since you're staying on-site, and so you go through the lobby and follow the signs to DCA.
If you wish to go to
Disneyland, turn left when you can, after walking in through those doors, go down a LONG corridor with a couple short sets of stairs (if you have a wheeled conveyance of any kind, there's a ramp over to the non-window side!), then go to the right out automatic sliding glass doors. Follow the sidewalk out and to the left, and you'll be more than halfway through DTD, pretty close to the bag check area which leads to the esplanade and DL!
During the times we've stayed there (last stay was October '09), the restaurant has been a nice place to eat when we've gotten back relatively late from the parks. Even without a reservation. If they still have the quesadillas on the menu, beware, they are spicy!