Hello wilson and welcome to cruise-chat;
the lowest balconies, the ones that stick out the most, are the mini-suites; when you look down from them, you see the tenders and life boats and it dosen't spoil the experience at all.
Neither does seeing the lower balconies from the higher ones; you really have to lean over the railing to see below, and given recent incidents, leaning over balconies is very much frowned upon.
The suites on the stern and the few mini-suites at the back of Emerald deck are the onely ones where you can look down and get an unobstrusted view of the water.
Hope this helps.