The Oasis Waterpark is a new addition to the Point South Mountain Resort (you must be a patron of the hotel to get in). It's basically a water slide park, complete with 3 towering waterslides, lazy river that circles the park, wave pool and children's pool. And since it's part of the resort, a full bar is available for the adults!
This waterpark was the reason that we decided to spend a night at the resort (the cheap summer rates helped too) and it was worth it. Our 3-year old daughter had a blast playing in the wave pool and floating with me or her mommy on the lazy river. She also tromped around the kids' pool (only 1.5' deep) for several hours as well.
We didn't actually get a chance to go on any of the 3 water slides as the lines were too long while we were there (serves us right for going on Labor Day), but they looked like a lot of fun as well. Note that there is a 48" minimum height requirement for all 3 of the slides.
The great thing about the water park is that it's just a few feet from the door of your hotel room, so you could literally spend an entire day at The Oasis, eat at one of the restaurants on the Pointe's grounds, and never need a car the entire time you're there. Not bad if you're looking for a relaxing weekend trip for yourselves and the kids.