Even in the rear mezzanine, this seat had a great view. I could see everything, though the sound was a bit garbled due to the poor sound design of Studio 54 (including the lack of an orchestra pit, meaning the band is spread across the box seats). The seats are also a bit tight. However, I still count "She Loves Me" to be amongst the best Broadway experiences I've ever had, so, in retrospect, the seats couldn't have been THAT bad. :-)
The views from the rear mezzanine aren't bad at Studio 54, though the sound design in the theatre is not the best. Note that "Cabaret" was in a thrust stage setup, which may not be the case for all shows at Studio 54.
Second to last row in orchestra. Was told that row O was elevated, but not really the case. No more elevated than any other row. Tall folks in front of us really affected the view. If you try for orchestra seats, get them further up so the mezzanine overhang doesn't block the overall effect of the theater. And try to get aisle seats if you're on the side. Otherwise stick with center orchestra. The sides are really too far off, in my opinion.