That Newsarama interview is a fascinating read. Waid really seems to have lost his self-confidence. I think he was reading this thread.)
I do completely agree with Waid that, given that Wally, when last we saw him, had a wife and newborn twins, it would be terrible to just wipe them out of existence. (Not YET, Mephisto!) I also agree that Flash has been about family and legacy for a LONNGGG time, so doing a family man Flash is, in theory, a good idea.
It may NOT be the best fit for the character of Wally, I don't know. But a lot of self-centered, happy-go-lucky young guys become fathers and go through some big changes, so the story potential is there. Tapping into the spirit of the Incredibles would be a great start. In fact, move the Wests into a mid-century modern house with nosy neighbors and I would be a happy man. Finally, I completely agree about the hypocrisy of complaining about Flash the family man and Spidey's de-marriaging in the same breath. Ridiculous.
The problem with Waid's Flash wasn't the premise or the art, it was the way he is stretching out clever, but brief, story ideas into half-year epics. Just contrast the lead Flash stories with his back-ups and B&B and you can see the problem. This damn water-alien invasion story has been going on for, like, 9 years now, and we only this month learned the connection behind it. That SHOULD have been the cliffhanger at the end of issue 1 or 2 of the story, and the story should have been over in 3 issues, max.
Peyer seems psyched to do the Flash. I think the only stuff of his I ever read was the early Legion 2Boot, some of which was good, some wasn't. If he can inject some lightness and humor into the Flash, that would be a good thing. I'm hoping Grant Morrison knows what he's talking about.