Your kids will absolutely get the jokes at Laugh Floor. It is, in my opinion, a very well thought out show, appealing to both children, and their parents. Do be prepared though, there is always the possibility of your face going up on the big screen, and you being the target of one of their jokes. It is all in good fun though.
Philharmagic is a "4D" film with in theater effects to enhance the 3D movie. It is a nice show, and a great break from the afternoon heat, but not a must do. If you have extra time, by all means see it. Don't miss a headliner to fit it in though.