You'll have a better chance seeing MK fireworks from the Swan or the Dolphin's standard rooms. If you're in a standard room facing the south on a higher floor you have a good chance of seeing fireworks from MGM's Fantasmic.
MK is to the north, the balcony rooms face the southeast or the southwest. There are 4 wings at the Dolphin and many of those have balconies. They do alternate though. At the end of the wings there are king deluxe rooms with an oversized balcony that faces the southeast orsouthwest depending on which side you're on.
If your room faces the southeast and it is in the middle toward the end of a wing or is in the furthest east wing (and a few floors up) you will have a nice view of Illuminations and the fireworks. You will also have a lakeview, a view of the Swan and the BW.
When we stayed at a studio room at the Swan on a higher floor we were able to see MK's fireworks off in the distance. We could also see a building that was lit up on the horizon which I later realized was the CR. It really was the most amazing view ever!
Never stayed in a club room. Don't know how much different (if any) they are than the regular room except they have the club priviledges. We had use of the Royal Palm Club at the Swan once and it was really nice (great view of MGM from there!). I'd probably only do club level if we were staying for an extended amount of time since we wouldn't do a big breakfast everyday it would be a nice convenience to have. We always seem to miss the afternoon snacks.
