Gina:
We did this August 1-4 last summer. I had a 9 and 10 year old with me, and was concerned about them being able to see. And we wanted to see it from the hub, which IMO the hub or nearby on Main Street is the only way to see Remember.
I already had an idea of where to position my family - I will get to that in a moment - so earlier on the day we planned to go I scouted the area to check out viewing angles and trees. The most important thing is to have a clear, unobstructed view of the castle. Being able to see the Matterhorn is a bonus, but not essential. From our spot we could see both.
We got to our spot exactly one hour before the show. Some people spend three hours waiting to get prime spots. However, in the few weeks before our early August trip the Remember fireworks were cancelled three times due to high winds and I was not about to risk 3 hours on something that might get cancelled. In addition, we planned the fireworks for evening 2 of our 4 day trip, so if it got cancelled we had two more opportunities.
If the hub was a clock and the castle was at 12:00, we were at 7:30 - in front of Carnation Plaza often referred to casually as "Coke Corner". The hub has a road, and on the side of the road there are curbs. I wanted to get a spot on a curb, because everyone stands up for the show (except those immediately in front of the castle) and if my 9 and 10 year olds were on the curb they would have a 4-6 inch advantage over those in front of them on the street itself. Plus, the traffic pattern DLR setup with ropes had a rope walkway behind us (they put up the ropes just after we got there - again about one hour before the show). That is also critical. If you have a walkway behind you, then no one walks in front of you. If you yourself are behind a walkway, then throughout the whole show people walk in front of you, and the Cast Members are constantly yelling "move along, move along, this is not a viewing area" because people are not allowed to stop to watch fireworks from the walkway areas, although some try.
I will not say our spot was the best of all spots, but I will say it offerred an excellent view and I have a hard time imagining that any other spot would offer anything significantly better. The 9 and 10 year old were able to see fine.
After the fireworks, we made our way over to Frontierland and over to see Fantasmic show #2. However, DLR has changed their traffic patterns during and after Fantasmic and, last time I was there in November, all traffic is routed in a single direction counter-clockwise around the hub. Hence if you are at the "7:30 clock spot" in the hub, you may have to walk around the hub to get out the Frontierland entrance at about the "9:00 clock spot". This will delay you a few minutes getting to Fantasmic. We got excellent spots for Fantasmic down front near the water in the center for our group of 6 at about 9:55PM. Even if you get there by 10:10 I think you will still find a decent spot - there were still spots next to us up until show time that never got filled.