I hate water parks and think they're gross. That being said. If Universal managed to make something on the scale of the Atlantis resort and its waterpark except IoA style, I would probably be as excited as Potter fans were for the WWoHP and look past the germs, fat people, and other things that make water parks so disgusting.
That being said, I would greatly appreciate it if they just took the Wet n Wild land, bulldozed it and tried again. I don't want a water park using the land that could be better fitted to a megaresort or two, or even the mythical third gate.
There's nothing of value by Wet n Wild, buy it up, bulldoze it all.