We actually did the picnic lunch on Sunday evening. Bought them online (I'm an AP holder), so it was actually $12.95 each. We also received nice carrying bags that I will use now that I am back home.
We picked up our picnics at about 6pm, no line waiting to get the food. We were given our FP return tickets and everything was explained very well so we knew what we were supposed to do.
All of us enjoyed the picnic lunchbox (we all chose the chicken), and after finishing our meal we rode some rides, grabbed FP's for others and entered our 'yellow' section at about 8:20pm. Our arrival time was from 7:450p to 8:30p.
Granted, we had a wheelchair in our group, so we were placed in the Handicapped section for yellow and were able to see the show from that viewing area.
The show in our opinion was fantastic. I really wasn't sure what to expect, but we loved it! It actually brought me to tears, but then again I cry at the fireworks display...lol..
So, I'd say if you are on the fence, go with the picnic lunchboxes. The food was good, and like someone else said, if nothing else you're guaranteed a FP for a viewing area and won't have to line up hours before just to stand and wait.