Intersting name...kinda fits with Universal and Islands...
I wouldn't be suprised to see the majority of old slides from Wet N Wild dumped...but I would expect to see ones like Brain Wash, Black Hole, and Disco H2O at the new park just because they are way newer and more expensive modern innovative rides. Universal likes being on the cutting edge, and something like Bubba Tub just doesn't scream innovative as much as the newly updated Black Hole.
Personally, I hope to find a very lush, mountainous park with awesome pathways and amazing interactive rides. I love how Disney does it without the big ugly staircase towers at their waterparks.