The Wheel is a new fixture along the water's edge (on Alaskan Way) and looks really enticing, unfortunately since it is set down at water's edge the view is not impressive and at night, the view is even less impressive. I now can say I rode the wheel, but will not go on it again, and unfortunately can not recommend it to visitors either. It might be pretty at sunset, but you don't need to be going around in circles to enjoy the sunsets or the views over the Olympic Mountains.
The wheel does add to the landscape and in the evenings, for special occasions, it is lit and looks really nice in a photo. If you want to enjoy the view or the sunset, here are 3 suggestions- go to Kerry Park (it's free and probably considered THE spot to take a picture- & the Great Wheel will be in the picture) or better yet, take the King Country Water taxi to West Seattle & back (round trip $8, kids under 5 free - plus you get a boat ride and might see some wild life) or for a family I recommend the City Pass (Space Needle, Science Center, Aquarium, Zoo or Museum of Flight,Harbor tour and the Experience Music Project - EMP.
However, if you really want to ride the wheel, don't go at night and don't expect too much, the cost is a bit high ($13 per adult & $8.50 for kids - about $47 with tax -for a family of 4) we went around 3 times, the line went pretty quick, the ride is comfortable and you get to meet new people.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.