I am actually trying to decide between the picnic, or just doing the meal at either Ariel's or Wine Country Trattoria. I was originally thinking Ariel's, but I noticed they are showing you can do lunch at the Trattoria for only $29.99 for adults, and $18.99 for kids. Again, we are trying to keep the budget down, but I want to give ourselves the best chance for a good view as possible for this show. Are we better off just doing the picnic? I can't say the food looks all that great, and don't you get the same FP as you would get just walking up first thing in the morning? Getting way OT here.
This is a tough one and there as many answers as there are folks answering, so let me give you my take and try to be objective. First, I have personally tried all these options, walk-up as a regular guest with a WoC Fastpass, WoC Picnic and dining at Ariel's. They all have their issues and unfortunately paying more does not necessarily get you better viewing.
The Ariel's/Trattoria viewing area is more to the center of the "show area" than any other area that you have access to and
if you can stand in a place where you have no one directly in front of you, then you will have the best view in the house. (People below you is fine as long as you can still see most of the water from where you are standing.) But, like the other areas, even in this central location, if you are standing with 2 or 3 rows of folks in front of you, your view will be severely restricted and you will not enjoy the show. This unfortunately happened to me when I saw WoC from the Ariel's reserved area. We got to the area after guests had already started being admitted and the reserved dining areas were already well filled. I had to stand at the back of this area and to date this was one of the worst viewings I have seen (and the most expensive). Basically all I could see was the tops of the tallest fountains and the top portion of the projections. I saw none of the effects on the water and most of the projections (very important in this show) were blocked.
Now the advantage of the WoC Picnic is that you don't have to stand in line for a Fastpass. Since each of the colored areas has good and terrible viewing locations, it's hard to say if there is an advantage what time of day you get your fastpass. The Fastpasses are distributed from 1st show to last show, in order of color, but you cannot tell what you are getting until it is dispensed (and then it is too late) unless you ask someone ahead of you what they got. But with the picnic you at least avoid having to stand in line to get a Fastpass or having them all distributed and not getting one. If you are on a budget, I recommend the Picnic (you can reserve that online) or go get your WoC Fastpass when the park first opens. The food at Ariel's and Trattoria is good, but I would hate for you to spend all that money and then not get great viewing of the show.
Also, I have to add this additional note about the WoC queue line. Folks start lining up for the separate color section areas almost 2 hours before showtime. This is because the selection of your standing area is so important and folks have figured this out quickly. Look for the cast members and they will show you where the WoC queue lines will start being formed. Even if you have a Fastpass, if you walk-up 15 minutes before showtime and go to your assigned area, you can be sure you will be in the back of that area and will have to look through/over several rows of people in front of you. This is disaster for kids.
I know this kind of sounds like a big gamble and takes a good deal of your time and in many ways it is. If you aren't that particular and just want to see the show any way you can without too much trouble, then go for the Picnic, and arrive about 30 minutes prior to showtime and you will get an adequate standing area.
Good luck!