Saw the show tonight. Will post some pics from my iphone a little later..
But, impressions:
The scale of the floats is more impressive in person and within the stadium itself. So many blogger photographers spend time obsessing about getting clean shots of shots and such that they forget that people need references for scale. In the giant murky voids that they shoot of the show it looks like tiny props floating about. In person they're decently sized and close enough to be more impressive.
So i'll admit to being wrong about that.
The rear water jet screens really havent been improved since Jungle Book, they're blurry as ever. They seem to have their coordinating sides - blue for water, yellow for light, focused to their audiences areas. I was in the FP seating (light side) and the light-side yellow-background half of the rear projection plumes were somewhat discernible. Also I was in the second half of the 3 seating area, and the third lotuys flower (left to the right) was the one where i could see projections clearly.
So it seems the show, in terms of how the projectors are focused, is split in half for the big rear projection and then split amid the seating areas for the four main lotus flowers. Also the boats act as mini-versions of the big screen, so if the big screen is unintelligible the boat usually clues you in. Sometimes it's the lotuses instead. The biggest failure on that front was the scene where the whale breaches. It is entirely on the rear screen and does not read well. It needs to be replaced with something else.
Lines for the second show were already long and full of people while the first show was starting. They held the second show for 10 minutes to seat guests. The FP side (Asia) was full but not ardine packed and you could put your feet on the bench infront of you depending on how people spaced themselves. Standby loaded right up until the final 2min countdown to the show (the theater dimming, boats an lotuses going into position.) It filled up though.
So standby generally had about an hour wait. Eww.
For Fastpass I returned a little after 8:10 or so, got the last light up lotus ice cube thingy from a cart and got in line all the way at the shrine that marks the Everest viewing area all the way across the waterfront from Everest (the entrance to the theater being at Everest itself.) However, even with that mass of people infront of us - many who had been there since the first show began - we were in third seating section and had a good view. I actually think the first seating sections they fill dont have that great of a view. The lotuses and boats don't really start until the second seating areas so the first oesnt have anything directly infront of them like the others.
Standby line was switchbacked aside the theater and then stretched out of Dinoland and to the Discovery Island area - going all the way past Flame Tree BBQ and ending just a little ways before you get to the last seating area of Flame Tree with the snakes.
I'd heard horror stories about leaving the theater, especially on the Asia side, but we just waited for the theater to clear mostly and then had an uncrowded and leisurely walk out.
In terms of rank I'd say it's 3rd in the parks for me (ROE, Wishes, and then ROL with Fantasmic way waaaaay back there because i have never really enjoyed that show.), and i'd probably see it again with a FP before putting an effort in to see Illuminations or Wishes, but just because i've seen those two so much. With nice weather and a few drinks from Nomad Lounge and not arriving too early for FP it was an enjoyable event. If it was hot and muggy and i had done standby for an hour+ i'd be annoyed.
So FP it, don't bother getting there super early, and enjoy it casually.