According to a couple of CM's I talked with last month, it is hardly likely RC will ever reopen, especially now that it has been closed for so long. There were numerous reason why it was closed, most of which had to do with it being part of Bay Lake; as a result, for medical and insurance issues it was hard to justify keeping open, and will just as likely bar it from opening again. To reopen it, they would have to dredge the 'ol swimming hole, barrier it from Bay Lake, and re-line and refill it with fresh water. Alot of work for a minor, though fun, waterhole.
Also, since it's not easily accessible unless you're staying at the campground, any major use of the site would require upgrading of roads and parking. I would love to see a Huck Finn/Tom Saywer-type "value" resort, or a Colonial-themed "moderate" resort built around that area, but last time I checked I wasn't on Disney's inner sanctum vision development committee so the possibility of either of those happening is less than me winning the powerball jackpot!
Definitely wish they would do something with the site, however, as it is kind of depressing boating past it between FW and WL and seeing the structures vacant and unused.
-R