The Queen Elizabeth Theater was built in 1959 and since then has been a host to a vast array of entertainment from Broadway shows to rock concerts.
We have been there many times, when we are visiting Vancouver-most recently to see "RENT", which I would highly recommend. We saw "Grease" previously and while it was very good as well, we went to a matinee and there is something to be said for the energy at an evening show. If possible, try to get tickets for an evening performance, a bit more costly but well worth it.
The seating is properly done at the Queen E.-every seat is a good seat. Depending on what is playing at the time, some of the front seats may be removed to make the orchestra pit larger.
If you are staying near by, I would recommend walking to the theater as parking can be a hassle as well as pricey. The theater does open its parking on show nights with reasonable prices for a flat rate of $5 in the evenings. (Enter on Cambie Street)
There are many hotels in the area, one which I have written about in this journal, the Westin Grand. They are right in the central area so you won't find anything dirt cheap but you will definitely have a great time!