I have been going to this fireworks event for many years and I still love it. You can see a lot of different kinds of fireworks during the three hour competition.
I recommend taking the train and walking to the festival, traffic is unbearable that day. Also, the festival usually takes place during the begining of October, and it usually rains during this time, so take an umbrella. It does get crowded, so try to come a little earlier than the start time.
As for where to see the fireworks, there are many places to watch them. You can get a map of the spots from the train station. And if you are hungry, there are a lot of different food stalls to choose from. So sit back, have a beer and watcg the show.
I hope you can enjoy this awesome show when you visit Tsuchiura.