We have DDs 6&8 yrs old, and always hop. For times when we are in the scorching heat, the hopping allows us to break up and mix up the days nicely. We would tend to stick to a park relentlessly, to the detriment of the family and the vacation without this much meeded option.
In the cooler seasons, we find that we can get so much done, that hopping becomes valuable in covering ground. Unlike the heat of August, where you need to slow down to be able to "survive" across all the days of the trip, in cooler seasons you can go-go-go. Hopping increases the value of the time in the parks so you are not stuck with dead time onc you have "done it all."
Having never been to a waterpark (we just love the pools so much, and our young ones just don't care that much yet, or see the difference)...cannot really tell you which to choose, but if I was in your shoes, I'd stick to our tried and true hopping.