We were there last week and they have got a LONG way to go to make it worth a visit again. The Gardens are still reasonably intact but the lack of care elsewhere is painfully obvious. They currently have to bring people in by tram through the 'dead' rides area of the old park, which is pretty weird, and, while they PLAN to scrap the rides area completely and turn it back into parking, there is no real evidence of that happening, or of the park owners investing in anything in particular. The water-ski shows are only happening at weekends right now and the rest of the park is bordering on a ghost-town. They are planning to bring back the electric boat tours of the Botanical Gardens (at an extra $3 a head) and planning to re-introduce pontoon boat tours of Lake Louise (at an extra $7), but I'd honestly wait to see what happens here before planning a visit. They also plan to re-open the Crossroads shopping area as a kind of Farmer's Market this summer, but, again, they have got a long way to go with that, too.
The water park is now a separate area with a separate fee but, to be honest, you'd be better off visiting the water parks in Orlando (or Adventure Island at Busch Gardens). As gardens go, you'd also be better off visiting Leu Gardens in Orlando or Bok Tower Gardens for something different and tranquil.
If they DO manage to get their act together, it will be great to CG back to something approximating its hey-day but, right now, it's a case of wait and see.