They do both have outdoor seating on the lake, though Terrazza's is better positioned. If I had to choose, I would probably go with Terrazza Serbelloni.
Mistral and its pretentious "molecular" cuisine just ... irks me. Every time they bring out a plate, the poor waiters have to stand there and describe (in detail) what each dish is and how it was "constructed" before you're allowed to start eating it. I'll admit to enjoying the floor show involved in preparing the liquid-nitrogen-frozen ice cream, but that's about it.
My favorite restaurant in Bellagio at the moment is Alle Darsene -- its tiny terrace is right on the docks at Loppia with a peek-a-boo view of the lake and the new chef is quite good.
Terrazza Serbelloni for a more relaxed atmosphere.
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