I haven't been to VF this year yet, but I, for one, am not a huge fan of VF removing the old-school log-flume, Hydroblaster, among others, to make room for a Water-park expansion. The existing water park was pretty decent, especially given that it's included with admission. The Log-Flume that they removed was a classic of that type, and always seemed to have a decent line. Hydroblaster was a double, black, enclosed tube-slide that wasn't actually part of the water-park, and you could ride it and stay dry for the most part. I believe they were both removed to make room for the new wave-pool.
Then there's the whole "route 76" area, which is supposed to be a historical area/exhibit, including the return of several rides which were there in the parks early days (antique-cars anyone? )
Valleyfair seems very overdue for a new, steel coaster. If they don't want to spend money on a totally new coaster, I think revamping Excalibur would be awesome. It's a very unique coaster to begin with and has a certain charm. Maybe add some terrain, facades, props, or structures to it, to give it more of a "mine ride" feel