UPDATE: So we chose Holiday World. Stayed at the Santa's Lodge Hotel. It was less than a minute's drive to the park. The hotel is overpriced and on the old side; not as much Christmas theming as I expected. It was OK but it was the only hotel so close. I'd recommend one of the chain hotel 15 minutes or so away as HW opened at 9:30 so there is time to get there (FYI -they were letting guests in 1/2 hr early to the "Main St" area for locker/stroller shops etc).
Santa was there greeting which was a nice touch. Santa was what my kids called a "real" Santa. A nice old heavy set gent with a real white beard. He does a great job with the storytime show too.
I'm a coaster fan (Cedar Point buff) and I must say the three wooden coaters are the most intense woodies you will ever ride. The drop on the Voyage seemmed vertical. I ride coasters hands-up BUT towards the end of each of them I was holding on...not for fear's sake but they are more jarring than any I've experienced. Voyage maybe a bit too jarring but intense none the less.
The free soda (Pepsi products) was everywhere and always clean. Awesome touch.
The waterpark was impressive. It is inside the park and massive.
The only true downside was that their premier ride, "Pilgram's Plunge", was down the entire day. No notice about this upon entry. No explanation near the ride. When you asked someone you got a generic company line type answer. Another guest told me it had been down the previous day as well.
Overall, the park had a great old school feel. There were a lot of typical small amusement park rides you've seen everywhere (scrambler,tilt a whirl, swings etc) mixed in with major million dollor rides. It was very clean and nicely themed. The Raven coater was built through a forest of trees-well done.
I'd say don't cross the country to go there but if your relatively close and love theme parks like I do, definitely check it out.