We enjoyed it. We've also done several luaus in Hawaii, including the one on Maui (don't recall the name) that everyone raves about as being very "authentic", and, most recently, the Smith Family Luau on Kauai.
Frankly, we think they are all hokey.
As for SOA, we thought the food was pretty good and the show was okay, too. However, we had a front row table and had a party of 10, so we were not sharing our table with others. I would not want to do the show without a front row table and a group.
We have also done the Universal Orlando luau. I thought the Universal luau had better food overall. However, I thought the Universal show dragged somewhat and didn't really feel that way about SOA.
Also, show for show, I guess we enjoy HDDR more than SOA (although the ribs at HDDR are totally inedible).