Oahu is the home of three of the most famous Hawaiian luaus; the Polynesian Cultural Center luau, Germaine's Luau and Paradise Cove Luau. The Hawaiian luaus and feasts on Oahu are heavily steeped in Hawaiian history, Polynesian history, hula dancing and all facets of Hawaiian culture.
Luaus on Oahu are all similar to the extent that they all include a full complement of Hawaiian foods such as lomi lomi salmon, chicken long rice, kalua pork (prepared underground in a pit or "imu") haupia and of course poi. Some of Oahu's Hawaiian luaus include various options that allow for special seating and upgraded food choices.
One unusual aspect of the luaus on Oahu is that they are all located some distance from the tourist centers of Waikiki. As a result these luaus will provide transportation to and from or, if you have your own vehicle, you can drive on your own.
Please keep in mind that the Polynesian Cultural Center is famous for more than simply their luau and hula show. The Polynesian Cultural Center is generally considered to be one of the biggest attractions in Hawaii. The various island cultures of polynesia are displayed in a series of villages throughout the property. The luau is a big event in the evening but you are free to wander the villages (complete with guides if you'd like) throughout the afternoon.