It should have been done long ago, but I really held out hope for awhile that somehow they would refurbish and re-open it. OzCat really was one of the best GCII's ever. Maybe I'm biased, but it really was a nice package of classic design, sweeping curves, and airtime.
I'm wondering what is driving them to finally demolish it: the structure itself degrading, the Spirit of 76 project, or perhaps a new use for the site?