Our favorite is in Fantasyland. The reason we like it there is that we can sit, usually with a soft serve ice cream from the nearby stand (can't remember the name). It's not the best place to see Tinkerbelle, which is OK with us-we don't have kids who want to see her-but we do get a glimpse of her. But you can't beat the ease of sitting there with an ice cream watching the fireworks.
A good place to watch is in Fantasyland. We found this last month. Sitting on the benches across from winnie the pooh. We were so close to the fireworks, we were seeing debrie everywhere.
I like the view from Liberty Square. There are very few people there and if you do it on an E-Ticket night, you can stroll right over to the HM after they are finished.
We usually catch them on the boat ride back to the FW Cabins,we usually leave about 15 to 20 minutes before they start. It is nice watching them from the lake.