It will be a blast, but get ready for how expensive it will be. It's insanely expensive (easier if you happened to get some resort credit $$) but your kids might enjoy the trainer for a day program.
Also here's a pro tip with respect to the water park. Cruise ship passengers can buy day passes to the water park. There are days that they could be as many as 6 ships in port, which will make the lines for some of the rides LONG. Go to this link
Nassau Cruise Ship Schedule and look up your dates. If you have the flexibility, do the water park on the days with the fewer number of cruise ships in port that day.