This is something you must experience if you're in Vegas. I've seen the show from the street, in the balcony at Bellagio, in a Planet Hollywood room, and the Cosmo balconies. I think the best view was at Planet Hollywood if you get the right view, but you don't get to hear much of the music.
If you're looking for the best seat in the house, the balconies at the restaurants in the Bellagio are the best! But beware of the mist!