You are all missing something. If G.L. and Sea World can get together on marketing, the potential to be competitive with CP will dramatically increase. I worked at G.L. moons ago and many of the guests told me that they only came after seeing it from Sea World across the lake.
For the General Public, Six Flags and Sea World have more brand recognition than Cedar Point, at least on a national scale. Build a few more hotels in the area and you could be looking at a resort destination comparable to Kissimmee, the early years. If they sell a two day or three day ticket ala Universal Studios Florida and Wet 'N Wild you are looking at a packaged vacation. Don't forget Aurora Farms outlet down the road is a huge draw too.
The traffic in the area is the biggest drawback but it isn't anything a little creative engineering couldn't fix on a 10 year plan. While Cedar Point is my favorite, don't count out Geauga Lake. Nobody thought Universal would provide much competition for Disney but do the words Islands of Adventure mean anything to you?