^ Other than Hurrican Harbor, SFA has 4 water rides; Penguin's Blizzard River, Renegade Rapids, Shipwreck Falls, and Skull Mountain. Losing 1 water ride isn't that big of a deal if you look at it that way.
What makes this a big deal is that SFA is removing a ride. SFA had PLENTY of room to expand. I don't understand why they would want to remove a ride in order to build one. Maybe they plan on connecting a path from Skull Island to Gotham or Whistlestop Park. If they do not use this as a new passageway, then I have no idea what their purpose was.
My only idea for a new ride in 2012 would be a River Battle style attraction. I'm not getting my hopes up that something big or thrilling will be placed at the park. A River Battle would fit in with the Pirate theme and once you remove Skull Mountain, all that would be left will be a large empty pool that they can easily fill back up with water and build a cheap River Battle.