Yup, you'll be able to see it from anywhere around the lagoon, but the perspective is different depending where you are. Here's my list of favorite places to view it from:
1. China - grab some counter service and park yourself on a bench about 45 minutes before the show. You can get the full effect of the lights, water and fireworks from here.
2. Germany- basically the same view as China, but not as many benches.
3. Roped area near entrance to World Showcase - a great spot to view from, but it's only opened up about 20 minutes before hand, so you have to stalk your spot. Again, no benches, but plenty of room to sit on the ground.