DEFINITELY A SKIP! Absolutely 100% agree with the previous two posters. Went to the Luau on May 15th and had the exact same experience, with one added bonus: despite paying for preferred seating, when we arrived at the luau at 4:55 (per the instructions on the tickets) we got sent waaaaaaaaaaaaaaaaaaaaaaaaaaaay to the back of the standard seating line, which we then stood in for about 40 minutes to eventually be seated at a table that did not look at all preferred in the middle of standard seating. Come to find out we should have been sent another way by the entrance attendant, to the preferred seating line entrance, and we got an apology from the manager. That's it. Gee, thanks, I guess.
That happens, you say? Mistakes can be made? Well, except we got sent from the "Standard Seating Entrance" at one end of the luau grounds to the "Preferred Seating Entrance" at the other end of the luau grounds (not a short walk, BTW), where the person who sent us to the back of the wrong line (which of course started way back at the Standard Seating Entrance, meaning we did the walk a second time, only inside the Luau Grounds instead of through the hotel). We questioned it at the time and she insisted that was what we were supposed to do. So clearly the training broke down, and nobody ever came and grabbed us and sent us the right way to fix this, despite knowing that it had happened. How someone ended up working the Preferred Seating Entrance who did not know what to do is a mystery to me; it sure seems like that's the only thing the entrance attendant is supposed to know: which way to send the guests who show up. The Standard Entrance Attendant sure as heck knew, and wouldn't let us in there.
The view from the table wasn't very good, the food's not impressive, and the only thing the luau has going for it is the show. Service is not at all impressive, and runs really slowly. If you do go, I would almost suggest you bring your own water.
We had the Ewa tower room overlooking the luau and saw it multiple times from our balcony, where the view was way better (we were on the 7th floor).
Your money is more well spent elsewhere than on the luau as currently executed. I never saw it in the past, so I can't say how it is compared to then, but my two cents is that it's not worth the price put on it today. If you still decide to go, definitely don't pay extra for preferred seating; there doesn't appear to be any consistent value for it.