I've taken my son there the past couple years. They do both racing and freestyle each night. I believe it's the same show every night. I was not very excited to go to this, but I have to admit, once I got there it was pretty entertaining.
There are probably not many bad place to sit to see the action. As long as you are on the sides somewhere you should have a good view. Also, there is a section or two designated for families (no alcohol) if that's important, but I've sat in the general seating areas and didn't experience anything to be concerned about.
And yes -- you will want to bring earplugs!