I was maybe 2 or 3 rows down from the very top when I saw Gypsy, and I had absolutely no problems. It's a little dizzying when you stand up though....quite high.
The view was fine, although the top part of the band wasn't completely visible, which is of course a problem specific to that production.
The Shubert is fairly standard in its design so it's pretty much what you'd expect. Better when closer but still not bad.
More interestingly, a chair a woman was sitting in in the back balcony row actually broke during the middle of the first act. She fell out of it backwards and it caused a huge commotion in the middle of the show.