I saw this show twice during my recent visit to Universal and LOVED it. However, I did have two almost entirely different experiences. Compared to my view the second evening, my view the first evening was not good. The first evening I sat over by Richter's Burger company. I stayed away from show spoilers so I did not know what was going to happen.
A little bit into the show, several fountains appear in the water and create another area that images are displayed onto. After my viewing on the second night from the other side of the lagoon, I feel it is integral to be able to see this in some way. From Richter's Burger company as well as the rest of that side of the lagoon (I walked a little ways up, trying to get closer to Mel's Diner), I could only make out a blurry image on the new screen and had no idea what was being projected.
So that first night, though I enjoyed the show, I left frustrated because I wondered what was being shown on that screen! My second viewing was over towards the Horror Make Up show and down right by the lagoon...AMAZING. I could make out the new screen which added a LOT to the experience, and really felt like a part of the action. Also, I had no idea images were being displayed on the building over behind the Richter's burger area...I saw this from my second evening vantage point as well.
So to sum it up, I felt the show was okay the first night, but absolutely unbelievable the second night... So I DEFINITELY recommend being on the side of the lagoon opposite from Richter's Burgers.
Also wanted to add that I was very emotionally invested in the presentation, having seen every movie presented other than Snow White and the Huntsmen which has yet to be released. In particular, the E.T. clips and music got to my girlfriend and I. Great stuff.