Hi aanthony03, Knott's Berry Farm used to be a family favorite of mine while I was growing up. I am not a huge fan of it now because they took out all of the rides that I really loved, but my family (mom, dad, sisters) still LOVE it there!
To me, it has a really good kiddie park, and thriller roller coasters. It seems to me that there is not much to do if you are an inbetweener like me...But I love the western feel to it, and it has a dynamite restaraunt called "Mrs. Knott's Chicken Dinner Restaraunt"...it has become a tradition for us to have a breakfast or dinner there every time we go. I must admit that it has seemed to change lately like the poster above has said though. I did not know that it has changed hands....
We went when it was a really slow time (September) and there seemed like at times there was not a single soul there but us. In the summer time, it is more crowded, because the hours are longer, but I have never been during that time. I have been on a Saturday before, and it was doable, especially if you are there early when it opens. And you can easily do most everything in one day. We have never gone more than 1 day there, and usually spend 5 at
Disneyland.
We usually stay at a Disney hotel, so I do not really know where to stay if you wanted to be right near Knott's.... I know there is a Radisson that is the official "Knotts" resort....and I am not sure about any hotel discounts, you can try there site though. It has a link to the hotel from the main Knott's webpage. We got some ticket discount coupons from our hotel concierge at the Grand Californian. I think most hotels will have these coupons.
And I agree about the waterpark. We haven't been in summer so this has never been an option for us, but hey, if you are there at that time, try and give it a go!