Waterworld hasn't stood the test of time just because audiences clap after the final pyro blast. The same thing could be said for Orlando's awful "Sinbad" show at IOA. Waterworld was an awful movie & is an equally awful theme park show, BUT... the only reason it is worth watching is the highly talented cast/crew Universal is able to employ. And as I said above, the cast is great, the stunts are great, & the pyro is great.. but it is still a bad show. It being a breath of fresh air can be said about Animal Actors as well since both are the last stage shows left in the park for guests to enjoy.... well there is the Special Effects show, but.... :unsure:
Waterworld can easily be replaced.. that venue has been home to 2 other stunt shows prior. As long as it still has a great cast, great stunts & lots of pyro... a new show would not be a bad thing. Honestly, I wouldn't be surprised if Universal contemplated bringing back the old A-TEAM stunt show as a Waterworld replacement due to the remake. However, in the long run its just cheaper/easier to keep this for several more years, than it is to put something new in the location.
Also, I can assure you that Orlando does not envy Hollywood for not having Waterworld haha. Unlike Hollywood, Orlando actually has multiple entertainment options (Beetlejuice, Horror Make-Up, Superstar street shows, Superstar Parade, Blues Brothers, Magicians, Animal Actors, Fear Factor Live (it just wont die), 2 Diagon Alley stage shows, even Barney Live (*shudders*)... and of course the nightly Universal Cinematic Spectacular in the lagoon.. all of which are in the studios park alone...