To be honest, it was a fairly boring and unappealing ride once the canopy was added and the caves were removed.
It looks like Dreamworld are actually planning for the future though. The government is imposing pretty tough conditions on all ride operators after TRRR - and they're being particularly strict on Dreamworld.
RHLR would likely have needed some major changes to bring it up to modern safety standards. Simply adding a lap bar or seat belt would have increased load times and reduced capacity. With the current seat layout, a log would only hold 2 people, with redesigned logs, they might hold 3. You would also need additional load staff to ensure that the bar/belt was secure before allowing a vehicle to depart the station. Wider or longer ride vehicles would require redesigning the entire flume - especially the transitions into the lift hills and possibly the incline of the drop before the splashdown.
The ride was also likely increasing insurance costs simply because the age and design of the ride does significantly increase the risk of injury - even if it comes from riders not following instructions to remain seated.
All of this costs money - possibly millions of dollars - all to save a fairly average log flume ride. That money would be better spend on a brand new water ride, built by a reputable manufacturer, with tried and tested vehicles and safety systems. I think the current decision makers at Dreamworld know this and are actually planning for the future.
I think Dreamworld is in a great position to build a new log flume that isn't just long stretches of boring floating before a drop. I'd love to see them incorporate a story like the Looney Tunes River Ride or Bermuda Triangle had, but that might be outside their budget.
There are some great flume designs out there now. Some have drop tracks, some have double downs on the final drop giving floater airtime, some have LSM launches...
With a bit of imagination, and all of that space, Dreamworld could build something world-class to replace RHLR.