I agree with disneysince71. The castle tends to get crowded though, so near Tomorrowland Terrace between Main Street and Tomorrowland, near Plaza restaurant, is also a good spot. If you're looking for something different, Fantasyland near Pooh is an interesting spot...
For the "as intended" experience, you obviously need to be in front of the castle as close to the center as possible, but don't overlook Fantasyland behind the castle as a really interesting vantage point to see the fireworks. Most of them are going off with Beast castle in the background, but there will also be plenty going off between you and Cinderella's castle as well. It creates this atmosphere where fireworks are going off all around you, which is pretty cool. See it the "right" way first, but check it out from behind the castle for a change of pace.
Front and center of the castle but I'm also planning a night in the back of the castle for a different view!
Thanks for the tip! This is our 4th trip, but we always STAND in the same spot. At this time of day, we would like to take a load off and still be able to enjoy the fireworks. I have a petite 6 yr old that would like to sit but can't see unless he stands or sits on our shoulders.lol
One of the greatest surprises and experiences of our most recent trip was watching it from behind the castle. In between Cinderella's castle and Beast's castle was a spectacular place to see it. Fireworks going off all around you. A castle in each view. Beautiful! Lots of ooohs and ahhhhs from everyone around us. Our new favorite spot!