I've waited a while to chime in, but here goes...
New name aside, the changes they're making are all quite necessary and will drastically improve guest flow. While a new slide tower would be nice, the packed-to-the-gills Summer Saturday afternoon show a need for added capacity that you don't get with a slide or two. I'm anxious to see how the action river turns out, as the one at Aquatica (which also features 2 different wave pools) was incredibly fun, and the one here at Zoombezi Bay is also quite nice.
As far as the name, I'm indifferent. I was never in love with the Aussie "theme", which left huge parcels of unshaded, unlandscaped concrete a la CP's much maligned Soak City.
I would gladly exchange a somewhat unique name for added capacity, improved flow, updated attractions, and a freshening of the park.