Checked it out today. No clear demarcation, but it's basically the paved (sanded?) over area that used to be Shark Reef. Only two signs up, basically enforced on the honor system, although I saw a couple guests with kids avoid the area even on this slow day.
They will have live entertainment from 1-4; today's was a mostly Buffet cover artist with a surprisingly large local following, fairly talented. There is also a TV over the bar, but 7 management types couldn't get it work. Goal is to show the football games this upcoming NYE weekend, apparently that's a top guest request.
It's calm and relaxing--again, aided today by the lack of a crowd overall. Not words one typically associates with a Disney park. Hoping the refurb sees a but more demarcation--maybe not a fence, but some small rockwork would be nice--and a more permanent stage. Volcano Bay and Margaritaville seem to have the Mouse shook, but I think this is a positive response and a not expensive move in the right direction.