Large wheel with 16 self-righting chairs, each holding two peeps.
Each time a new pair of guests enters, the Ferris Wheel spins around the number of times indicated in the Operations options tab, then goes to the next chair and unloads. This process is repeated, meaning that a pair of guests really goes for the number of rotations specified times 16. This can add up quickly, so keep the number down to one, or guests will complain that they want to get off; even the default option of two rotations can provoke this, so this is the maximum practical setting.
Placing the Ferris Wheel at a point in the park where guests have a good view will raise the excitement rating slightly, when done correctly.
In RollerCoaster Tycoon 3, all peeps get off and enter/exit the ride at the exact same time no matter where the peep is.
In Real Life
The Ferris Wheel is one of the oldest types of "flat rides", alongside traditional attractions like carousels and fun houses. While there were very early prototypical human powered equivalents constructed years earlier in Asia and the Middle East, the first modern Ferris Wheel was built by George Washington Gale Ferris Jr. in Chicago, Illinois for the 1893 World's Columbian Exposition.  The ride soon became oft-duplicated and grew into a fairground and amusement park staple.