I've done Paradise Cove twice, once when we lived on Oahu and our friends had extra tickets they couldn't use and once took my mom and friend when we were visiting. Oh my gosh the drive back to Kailua after was a killer - hour long and we were so tired! It is a LONG show. And I honestly think both times I left before it was over, it's just SO LONG. Now, it is nice, and if you want to do a touristy luau go for it for sure! The activities beforehand are neat and fun, so it's a nice experience.
I'm an owner at the Marriott, so that's where we stay. The chief does another cute show but I forget, maybe Mondays, for owners where we have giveaways and he previews his show. If you haven't seen him, you must. He absolutely cracks me up (but I've been seeing him for ten years now, and he ain't as young as he used to be - he used to climb a coconut palm but had to give that up). He is so funny! Anyone can come sit on the lawn and watch! It's funny and family friendly!
I took my mother-in-law and sister-in-law to PCC when we lived there, and we got there first thing in the morning and did all the daytime stuff. It is run by mormons (my friend's husband who is not mormon worked there in college but he went to UH but some are students on scholarship at BYU Hawaii). Either way it is a mormon organization run by BYU. Their "religion" does not allow drinking so I can see how they don't serve - and to me if I'm going to endure a luau at least give me a mai tai for heaven's sake! Having an LGBT child, I have major issues with their rules on campus and in life, but to each his own. I won't deal with them, and they have nothing to do with me. I feel like we all have our own path to live by, and I choose to be peaceful and not mind how other families are - not all are one man one woman and 2.5 children. Some are single, some are same sex, some have to divorce and some find themselves single parents. It's all what you make of it! So to dictate such strict rules doesn't jive with me although I'm lucky to have my marriage to my best friend that I met at 19 and married at 26 which was 23 years ago!
Sorry to ramble on! I'd say if you want to do a luau, I'd do Fia Fia. If you want something that will kill a LOT of time, do Paradise Cove, since they offer all the cute activities ahead of time. But, be warned, if you're like me, you will be falling asleep halfway through the show since I was SO TIRED and the show is awfully long. Personally I will never do another one, since it's just too much.