Col is absolutely right. I'm just back from SW and the new Waterfront area will be prime viewing area for the nightly firework show (in high season only - summer months from now to August, plus Thanksgiving week and Christmas). The Bayside Stadium will be used just as a viewing area for the fireworks (also with a grandstand view - literally!), but the ski show is now history. The new configuration of the lake bridge (which has been moved to link the Waterfront area to the other side by Shamu Stadium) has reduced the size of the Bay, and there is no longer enough for the ski shows. However, a new show will open at the Nautilus Theatre next month, replacing Cirque de la Mer, and the word on this is that it will be quite spectacular.
The Waterfront area is also a great addition, BTW. It is themed like a Mediterranean village, with a series of shops and restaurants, plus squirt fountains and live street performers at regular intervals (watch out for the Longshoremen - very funny, in a Laurel and Hardy or Three Stooges kind of way). The Seafire Inn offers counter service burgers, jacket potatoes and salads and has a show several times a day, Rico and Roza's Musical feast (but don't rush there for the show - a bit lame, IMHO), while Voyagers has wood-fired pizza, salads, fresh carved meats and some fabulous ribs. The shops are above average - but so are the prices!