Liza,
I will confess right up front that the
California Grill is my single favorite restaurant in all of Walt Disney World. The food is exceptional!
As for the view, it is up to the quality of the food. I think it is worth the two Disney Dining Plan credits. However you really get no view of the parade, just so you know.
As for
'Ohana, it is maybe not exactly as neat for the viewing experience, but pretty close. The food is nowhere near the California Grill, but nobody pretended that it was. And the entertainment value within the restaurant, it is pretty great if you have kids. One important note. Make sure you ask for a table in the main room. There is a small ante-room that has no view to the in-restaurant entertainment, or to the fireworks (at least not as good as in the main room).
If you can do both, great. If you can afford California Grill, even better. With both consider when the fireworks will go off when scheduling your times.
Have a magical (and delicious) vacation!