I did Paradise Cove in the spring and felt it was a rip off considering the cost. Food was below average and the dancing went too long. We were there on a bus and we were captive until the end. Find a great local restaurant and you will have a better meal at half the price.
My husband and I have been to the Paradise Cove luau and to the Polynesian Cultural Center luau in Honolulu.
I agree with John L about the Paradise Cove luau. It was very commercialized. The Polynesian Cultural Center is run by the Mormon Church and the students work at the center. We paid for the best package - this included a guide (which proved very informative if you like background information, etc.), the IMAX theatre and preferred seating at the restaurant or at the luau. We chose the luau and we were not disappointed. The entertainment was excellent also. We went home with two videos and were able to pass one on to my parents-in-law in hopes that they too could visit Hawaii. (Informational only, we were never solicited to join the Mormon Church or asked our religious preferences.)
Whatever you do - enjoy your vacation. We loved Hawaii so much, we were married there.
I have heard only bad things about Paradise Cove... my friends who are going with us on our cruise in 2 weeks to Hawaii said Paradise Cove was not good 15 years ago. We are going the Old Lahaina Luau on Maui.