The balloon Fiesta was perfect. We were there the first 5 days, and the weather was perfect for flying. The "box" was in play (for those that don't know, the "box" is a wind pattern that allows balloons to take off in one direction, then climb to a different altitude and come back to where they started). All activities went as planned, for the most part - which is unusual, since the entire thing is subject to weather.
We were in VIP East 2 - front row. This is high on a bluff overlooking the field. We could sit in the rig and watch all the activities if we wanted to, and it was a short walk to the field.
Overall, a perfect experience, and well worth the extra money for our front row position ($85/day, total, including all admissions).