Been to both many times. And honestly, my daughter(7) is perfectly happy with CoCo Keys, and like you said it's half the price. CoCo Keys is a little bit smaller, and doesn't have as big of outdoor stuff. Which makes a big difference in the summer time, but not so much in cold weather. Lots more outside stuff at Great Wolf in summer(outdoor shallow kids pool with stuff to play on), while CoCo only has an outside pool.
Great Wolf does a lot of extra stuff outside of the waterpark activities. Which are a lot of fun for the kids. They had this game at Great Wolf last time where the kids got a magic wand, and went around to all these displays and waved the wand to make a checkpoint or something, and then find the next one according to a map. That kept them entertained for hours outside of the waterpark. And nightly storybook reading. Build a Bear. Arts and crafts. Plus the rooms are tailored for kids too.
It comes down to whether you think the stuff outside of the waterpark is worth it. If not, CoCo is a good time for cheap.
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