I honestly think that can be better. I think with the water you can get closer to the edge of the lagoons, where with the fire effects you can not. So I think that will work better at least in the world showcase.
Having seen world of color in California and Rivers of light, I think that would be an improvement in viewing angle compared to the globe in illuminations.
Conversely, I think you could do epcot a world of good by putting in concrete seating around the lagoon, similar to rivers of light. Our last trip, we did a fast pass for illuminations, and that slight ramp they put you on made on the difference in the world for viewing that show. Three rows of concrete seating that reduces the water foot print in a few spots would be a nice change.