This is the best drill team in the world - literally. They go back to the days when King Kamehameha lived in the palace and the flag was taken down at night.
They used to compete internationally in the drill team competitions but every year they won first place world-wide so they are not allowed to compete anymore - they can only go to the competetions to put on an exhibition. Show the others how it should be done I guess.
Three or four nights a week they put on a full exhibition and it is so worth finidng parking to see this free performance. There are 7 or 8, maybe more in the full team and it is breathtaking.
However, call ahead and find out what nights the full drill team will be there - it varies. Or On the other nights only 2 of the members of the drill team are there to take down the flag and there really isn't a drill team exhibit - not worth finding parking for. You need to go when the full drill team is there.
Also in the place is the drill team museum which has all the memorbilia through the years and information about when this famous drill team used to be stationed outside the palace.
King's Village is in Waikiki and the best landmarks are the Burger King (where the flag pole is) and the Rock Island Cafe. The exhibition starts between those two locations and then after taking the flag down and a short exhibition the march through the courtyard, down stairs to a lower level in the courtyard and put on a more detailed exhibition and pose for pictures with visitors after the exhibition.
While you are there, if you want a good dose of 50's and 60's nostalgia - check out Rock Island Cafe. There is a large gift shop that sells everything relating to Elvis or Marilyn or Betty Boop or Lucy. Really fun stuff. There is a 57 Chevy on the wall (think that is the year) with a letter-sweater thrown over the bumper. A large tv screen plays old u-tube type segments of the openings of old tv shows and clips of performances of performers from the 50's, 60's and 70's. When a clip of Greased Lightening plays from Grease the waitress in their poodle skirts jump on the stage and sing along with it.