I've seen this show from both La Quebrada balcony for 45 pesos / 3 USD and now the restaurant La Perla for 180 pesos (which includes 2 drinks) that's located directly in front of the diving/cliff area, and i have to say the restaurant views are the best.
The balcony views that La Quebrada offers aren't too good unless you're early, and found a spot at the bottom of the balcony in front of the divers. Otherwise, watching it behind people, fighting your way for a view, or from the staircase is the worst. You can't really see anything.
The restaurant views from La Perla are awesome. If i had a high res camera, would of captured great shots, but my hand held/phone camera isn't that good at night. The views from teh restaurant you can at least see the waves below, the guys climb both walls, and watch the full dive as opposed to watching front view dives (which is tough). The restaurant service was pretty bad, but again i was there for the views, not the food (that i heard was pretty bad).
Also, sitting at a table, with a drink and music is much better than standing at a balcony ~ in my opinion!
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