Okay. It could have been worse.
The west building will be razed. In its place will be two main buildings and a collection of simple, smaller ones. One main building will be where M&G will be located, the other an unusually shaped (think egg) multi level facility for festival operations, events and entertainment. It will indeed include an upper level bar / cafe type environment.
The much talked about water element will be an IP tied water maze near the Seas pavilion as has been discussed earlier.
There will be lots of winding pathways and foliage in this area. There is a proposal for a fountain feature where the existing one is. This may be the same or a replacement.
Circulation will be concentrated around the edge of what is currently the central area as opposed to walking in a straight line. Think of pathways following the current inside perimeters of east and west. And yes, there will be alcoholic beverage seating outside roughly where the current Mousegear rotunda is.
The east building will stay pretty much as is with a lot of cosmetic work. Merchandise will be where it is now, whilst the north east quadrant will become solely food and beverage.
The walkway(s) to Showcase will remain as-is albeit with the west addition widened and new landscaping on the central pathway. Lakes will remain as-is.
This is how I understand things to date.