The Electrical Water Pageant is exactly the kind of thing that puts a smile on your face, and you only find it at Walt Disney World! Watch it from any of the Seven Seas Lagoon resorts. Electric lights on water with electronic patriotic music, Walt would have approved!
I have seen this twice once from a boat and once from hotel. The best I can say is that if you are there it is worth watching but it is not something to go out of your way for. You rush to see fireworks or Fantasmic, you are not going to travel around to see the water pagent.
This is one of my very favorite Disneyworld memories. I was there twice so far. 2 years ago, my partner and I were so tired we were always in bed by the time it came around (LOL) but we could hear it and wondered what it was. This year, I was determined to see it! There is something so magical, after a long day at the parks, about sitting on the shore of your hotel (in our case, the Wildnerness Lodge) and watching this happy little parade go by on the water. Fun music, cute characters. I love it!