We loved our cove balcony on Carnival Dream and have one booked for a b2b Med cruise on Carnival Magic!
Here are some pictures:
http://www.zydecocruiser.com/C...ream/coveDummies.htm
From the Cove balconies, you can look directly down into water, from the standard balconies, if you look down, you see the Promenade Deck.
The Cove Balconies are also quieter - nobody with a balcony above or below you and less chance of someone's smoke infiltrating your space.