We were just there in Sept. Rooms newly renovated with modern dark mahogany furnishings with empty mini fridge. Outside and hallways still old looking. Enclosed bridge/walkway to waterpark has a fabulous view of the skywheel and my kid's enjoyed the cool lighting that changes colours as you cross.
I would only recommend the waterpark if your children can do the watertower slides- 4 tube, 1 racing, 1 vertical drop. The smaller dumping bucket tower has 3 body slides and only open to children over 40 inches. Wave pool has tubes with no bottoms and life guards will not let you carry a young child on your lap! Very small splash area for tots and no lazy river. Rectangular outdoor pool with hoops(too cold) Ugly Plastic hot tube for 18 years plus. Pros- very large change rooms with private showers. In the cold winter you can walk thru Brock Hotel, Hard Rock, Marvel Adventure and you are right in the middle of Clifton Hill without going outside.
My 10 year old had a great time but my 4 year old got bored after 1/2 hour. Luckily he was 40.5 inches and got to do the the bucket tower slides.
We enjoyed Great Wolf much better for theming, lazy river, larger young children's area, floating patties/rope ladder, free form family hot tub and basketball hoops.