It would depend on who you talk to. Some like the location because it is within walking distance of downtown. some dislike the area because of the lack of parking. I'm from out of Regina, so it doesn't bother me either way!
I think downtown or close to downtown stadiums are better placed in general. It puts them in the heart of the city. Because they are downtown, parking and congestion can be an issue, but that is life in most downtowns. Ottawa citizens still despise the Palladium (Scotiabank Place) being built in the boonies.
I personally don't like the location of the stadium just because of its location in one of the roughest areas in Regina. Other than that I am fine with it but could care less if it moved.
The stadium in Regina is in an awful area of town. If they do in fact build a new one here, I hope they have the vision to build it in an area that really showcases not the worst area of the city.