I spend a lot of time at the Boardwalk. I can tell you that with the parking restrictions on both sides of the lake, there's not a whole lot of foot traffic during the day. Most resort guests are heading to the parks. The Boardwalk does get hopping during the evening hours, but again, as I've stated, that's mostly families - moms, dads, kids, grandparents, etc. Not the target audience for a formal, 2-hour sit down expensive meal. Just my opinion.
I know the Boardwalk needs more "things to do" including eateries. I desperately want that! And I really want the Cake Bake Shop to be a success for all the right reasons. I just have a lot of questions about the place that won't be answered for quite some time...
If I were to take a guess, I think part of the decision making process for that location was to weigh parking issues for outside guests against the number of on-site guests with easy access to the Boardwalk without cars. With the Boardwalk resort, Beach and Yacht resorts, Swan, Dolphin, and Dolphin reserve resorts all walkable or boatable, with Riviera, Caribbean Beach and Pop all with gondola access, and of course walk-ins from two theme parks (or optional boats) so people spending a day at Epcot could head over and even return to the park again...there's a pretty big pool of potential visitors from that alone.
Boardwalk has been pretty dead with foot traffic lately - no surprise given how stripped down it had become - but I've been a DVC member there since 1996, and it used to be MUCH busier, with a lot of guests walking through to try the restaurants, boardwalk entertainment, etc.
Whether that TYPE of restaurant is right for that hotel or area - I can't say. It's not what I was hoping would end up there, as I thought a more boistrous, fun, bar-type atmosphere felt more appropriate for the Boardwalk and really would have wanted an ESPN type spot, open late, more casual bar fare, etc. The food wasn't really special at ESPN, but it was about having that spot any time of day to catch a game, sit with friends, make new friends, drink, and have reasonably priced and filling grub. It was especially great coming back after park close and knowing it would be open, and probably still crowded especially if games were on.
I still hold out hope something more casual like that might replace Big River's space. I'm curious to see how Cake Bake does. I admit I had no idea who she was, or what the restaurant concept was...I just saw the name, and the decor, and assumed it was going to be a bakery - I really disliked the decision. Then learning that it was a restaurant and served food, I was more optimistic about it. Then learning the prices made me question whether it was a good fit, but still willing to give it a try and see if the food was so outstanding as to make the pricing worth it. Now I hear more how it's like some kind of tea-party-social experience from olden days makes me a little more hesitant - I want to try it out and give it a chance, but don't want to feel like I need to wear a frilly dress and lace gloves to even be admitted. It does seem to lean harder towards a female clientele which again I'm not so sure that's the right approach for a Boardwalk restaurant...but I'll stay open minded and still likely try it out maybe when I'm there in December if it's open.