I believe the proposal to rebuild the Pan Am Wharf out is not for water depth, but rather to keep it separate from the current wharf activities (fishing & swimming).
Me, I think it's a fantastic idea. Money well worth spending! The Pointe du Chene (PdC) wharf is packed all summer long and always full of activities. I spend a long of time in Shediac/PdC biking around during the weekends.
Here's a link to the PdC 200th Anniversary site. There are 5 pages of photos which shows a little bit of the Pam Am wharf.
http://www.pdc200.ca/Photo%20galleries/Wharf/Gallery-wharf1.html