Yeah they closed the other log flume. I assume it was a cost cutting measure. Luckily the one that's still there is easily the better of the two and is one of the few rides left that actually opened with the park. The lines can get a little long, though I've never seen it longer than an hour.
Personally I think it's worth the wait.
Hydro Flume closed in 2006. In fact, they converted the old rotating station into a show stage. I kinda wish they had kept it open because there are only 2 water rides in the park now. Movietown Water Effect also closed in 2007.