Sure, I'm from the Cleveland area and I'll put in my two cents on Geauga Lake.
First, CF has not let this park go. The park has been cleaned up nicely, operations are much better and the rides seem to have better maintenance.
What has happened is that the focus seems to have shifted to the water park instead of the ride park. The locals are responding to the park, the water park was packed last year while the rides side was much quieter.
I think you nailed it Robb, the focus of the park will be the water park, though I don't think the rides side is going away. Kinzel stated that GL has too big of a footprint for what it brings in. The are moving to reduce the footprint. I think with X-Flight gone, they can pretty much close off the old waterpark area and much of the 50's area. I can see Steel Venom going away in the future also.
I think the park will turn into a profitable property for Cedar Fair, but on a much smaller scale than Six Flags had in mind. The park will turn into a picnic park for company outings and a smaller rides park with a great water park for the locals.
I do think downsizing is the right thing to do with this park. It will allow GL to survive, even thrive, in the future. Yes, everyone in this area goes to Cedar Point for high-tech thrills. Six Flags was foolish to even try to compete. Geauga Lake's place will be a water park and a smaller ride park priced to make it a very good value for local Clevelanders.