I was at Norquay on Sunday so I know it from first hand experience.
You hit the nail on the head really. It all comes down to location. Norquay is grouped in with Sunshine and the Lake which are two sick resorts. Norquay can't compete with those two. It does however in my opinion appeal to a different market. Norquay is a family hill first. If you have young kids this is where you want them to learn to ski.
The snow can be very icy for sure but thats because they make so much snow. Having said that when they get pow it is the same quality of sunshine they just get less of it. The runs like lone pine and north american off the double chair are some of the best in the park when there is fresh pow on them.
One thing that have this season which will be awesome is an airbag. I saw kids learning to back flip onto it on sunday. Cant wait to give it a go!
So many runs so little time.