Finally got a chance to see it, and wow...this thing puts the water screen/projection tech of Fantasmic squarely in its sad, deplorable place! I was already impressed after watching the cool patterns and logos they were making with just the water from the water screens during the pre-show. Some very intricate, moving lines, movie logos such as ET, Jurassic Park, Jaws...oh, and did I mention no projectors were involved? Yep, the screens can create shapes and moving patterns/images just with the water flow!
While the show is little more than water screens on steroids, intermittent fireworks, and some fountains, it still managed to impress me, mainly because of the great water screen and projection tech they used. They do use a few of the Fantasmic style water screens, but merely as add-ons, and never as a main "screen" for the show footage, and their inferiority is very clear. The top-down, controlled flow combined with higher definition projections made for a picture that at times seemed like it was being projected on a real movie screen, not a water screen. There was very minimal mist to "expand" or distort the image unlike the Fantasmic screens.
Admittedly, if you haven't been a big fan of Universal's movies over the long haul, you probably won't really care for it as a total show. However, there is certainly no denying after seeing this that Fantasmic's projections and water screens are pitiful (the water screens more so than just the projection, because even with the new HD projectors being used on the old style screens for this show, the improvement was very marginal).
Overall, I would give it a solid B+/A- for my first viewing. I can see it becoming a little stale, and not sure I will go out of my way to see it, but then I also pretty much avoid Fantasmic anyway. Although not having to be in a suffocatingly large crowd an hour or more before just to have a chance at seeing it is another thing this show has going for it, so I may see it more often, since I tend to visit Universal in the evenings anyway.