Log flumes cannot be cheap to run. Imagine firing out thousands of Pounds every year to patch up another hole, drain the thing and re-fill it...let alone the water damage to the surroundings caused by the splash. Unfortunately every ride has a shelf life and if it's not pulling in the punters like some if the others, it has to go. That's business.
I have some very happy memories of the log fume at AT but I've not bothered with it for years. Personally I don't care but they are popular with groups so it's a shame to see it go. But most log flumes are all about one thing - the drop. Sure, there is the naked model one at Tripsdrill which is varied and fab, but why would somebody queue for a ride that is a one trick pony and has the potential to make guests wet and uncomfortable for the rest of the day?
If The Flume - and Loggers at Thorpe off topic - is spited in favour of something re-rideable and thrilling then I'm happy to take my hammer and hacksaw on my next visit.