Aqua is located right next to the Medina and their terrace offers a great view, especially in the evening.
The food is not bad, but nothing special. I have been here a couple of times during my stay in Marrakech and had pizza most of the time. The prices are okay (bear in mind that most of the restaurants in the area are for tourists). The service was good and I only had to wait around 10 minutes for the pizza.