You're on vacation, it's okay to splurge once in a while. This is a nice show, fairly lengthy compared to the other luau we attended on Oahu the week prior. They tell a great story about polynesian islands and culture, and provide a variety of different dances and experiences. The buffet options were good but not great, I think individual taste-buds will have different experiences, but we enjoyed it overall.
For our visit we paid extra for the VIP seating, and it was definitely worthwhile. Early entry means great seats, first to the buffet line, and longest opportunity to take advantage of the free drinks and overall experience. The location can be a little hot on a bright sunny day, but once the sun goes down the view is spectacular.
We ony had 1 fire dancer for our show, but he was very entertaining and a great conclusion to a well-choreagraphed show about the islands of Hawaii and Polynesia overall.