Your view is also going to depend greatly on the weather. We were at WDW (Wyndham Bonnet Creek) for Monday's launch and couldn't see a thing because of low clouds.
Melbourne Beach is much closer than WDW, but if it's cloudy, you might not be able to see much. If the weather is clear, Parrot Bill described the view perfectly.
I don't know if you'll be able to hear or feel the launch in Melbourne Beach. If you are up in the Titusville area, particularly in the Cape Canaveral Beach area, you will definitely hear it and you'll be in for some chest-pounding shock waves.
You could stay in Melbourne Beach and drive up and get a good vantage point. This is a once in a lifetime experience (and the LAST one), so I'd sure get as close as you can.