There is nothing happening in the lagoon during Epcot Forever - when the show initially launched, pre-Harmonious, they had people on jetskis with kites, but they are no longer part of the show. So, you are correct, the fireworks are in the sky - they are great, but the highlight for me is the old-school Epcot music
On another note - we did the R&C package when Epcot Forever first returned in the spring and really enjoyed it. It's definitely a more relaxed way to see the show and I thought the food was quite good even with the limited menu (I had the salad and fish and chips).