If you have a read through the full patent there is a large scope of wave types that can be used different areas of the pool at the same time, if the technology being used is the same as the patent then there is the possibility we could still get some good sized waves depending which ones are used. it is a pretty interesting read.
Patent if anyone wants a read:
http://parkrumors.com/pdf/Multi-Directional Waves.pdf
It's hasn't been speculation since the press release with the concept video, they have been quoted by the press on multiple websites from that day as saying: “Volcano Bay will offer 18 unique attractions ranging from the daring to the serene,” said Alice Norsworthy, executive vice president of Universal Orlando Resort. “Including a
multi-directional wave pool with sandy beaches, peaceful winding rivers, twisting family raft rides, speeding body slides that drop from the top of that volcano into the waters below and so much more.”
As a side note going back to the patents, I wonder if they will use the articulated water slide technology they patented for the following: 'The park's features will include "a state-of-the-art marquee attraction
found only at Volcano Bay," the company said, with more details to come.' It is certainly plausible as some people are seemingly thinking the water coaster not mentioned maybe the attraction however its not exactly unique in terms of technology unless they decided to add the articulated tech to it! Who knows, I'm just speculating/dreaming.
Patent for Articulated waterslide:
http://parkrumors.com/pdf/Articulated Waterslide.pdf