I know this is a little early for updates on BGW's 2012 project, but I'm starting to hear news about their plans...
Screamscape has stated that BGW has submitted building permit applications to James City County in order to get started on the coaster. They also have plans for a 26,000 sq.ft. 'event building' which will be 80 ft. above the "existing grade." and there will also be a bridge 95 ft. above "existing grade."
this link here says "existing grade" is the height of the ravine where Big Bad Wolf made its famous drop into the Rhine River Valley. The article also states that the ravine will be leveled out.
Good news for the rumor about Big Bad Wolf's station being demolished during the off season, the station will be used to house the new coaster.
Screamscape states that the building could be used as an indoor section of the layout and no news about what's planned for BGW's third bridge in that half of the park. I'm really looking forward to this and I have no other news about a possible name or theme for the ride.