So far the best Cirque du Soleil show I've seen to-date.
Water shows are actually much better than other productions. The theatre layout is circular which means regardless of where you sit, you'll have a great view. I don't recommend getting the cheap seats near the pool/stage since those are in the wet zone which translates to wet seats.
If you can't afford going to 'O' at the Bellagio, Le Reve is a great alternative.