We went as a family to Fallsview Water Park over Christmas break (kids are 9 y.o. boy and almost 6 y.o. daughter). We wanted Great Wolf, but there were only $400+ rooms left, so it was out of budget.
My son went to Great Wolf for the day with a friend last summer (you can't usually do this, but his friend's dad works there).
I just asked him for a quick comparison, and here it is. Great Wolf was better because the wave pool had bigger waves, there were more slides where you went down on tubes and they were faster. The only thing Fallsview had that Great Wolf didn't were body slides. I also understand from reviews I've read that there is a family tube type slide at Great Wolf, at Fallsview the most on a tube is 2 (there are tubes made for 2 people and tubes made for one person, and there are 4 tube slides at Fallsview).
My review of Fallsview Water Park:
We had fun at Fallsview, but I doubt we'll go back. As I said, there were 4 tube slides (my almost 6 y.o. went on all, they weren't too scary), 2 mat slides (the mats are like tobaggans) and 2 body slides. I went on all the tube slides and one mat slide. One tube slip is the toilet bowl type slide. I don't really like body slides that have steep inclines. The mat slide bothered me because you are in a small tube and the water sprays into your eyes the whole time. I tried to raise my head, and konked it on the top of the tube! Apparently the key is to ride it with your arms straight out, so you are away from the spray.
There is a wave pool, but the waves are on for 15 minutes and off for 10 minutes, or something like that. The waves weren't very big. They provide tubes for the wave pool.
There is a kids large play structure with water. There are several small slides, and a couple a bit bigger at the top. There is a big bucket over the play structure that fills and tips every 15 or 20 minutes, and everyone runs under it to get drenched. Parents can fit on and go on the play structure as well, including the slides.
At Fallsview there is also a small little kids area which has very warm water basically coming out of different pipe type things. My daughter spent some time there.
There are also two adults only hot tubs.
There is a pool outside but it was closed when we were there. I think it was too cold out.
If we get a good rate, we will probably to go Great Wolf sometime. Apparently the best rates are Sunday - Thursday during non-holiday times.
Anyway, HTH.