Undaunted by the collapse of the Del Monte-KB Home deal, the SJ City Council is moving forward on talks to purchase much of the Diridon South site. Diridon South has several advantages over the Del Monte site, including existing parking and transit links and its proximity to downtown San Jose. The biggest issue in acquiring the site is the challenge of acquiring property from multiple landowners. This includes PG&E, which has a substation that may be difficult to relocate.
Below is an aerial photo of the Arena/Diridon area. The Arena is to the north. The Diridon South site where the ballpark would be situated is in green. Red indicates the existing transit links in the Caltrain/Amtrak/ACE station just north of the ballpark, the VTA bus transfer center north of the train station, and the light rail station to the east. The train station is also the site of a proposed BART extension, though it's looking more and more like BART is getting scaled back.
If you're interested in what a ballpark may look like on the Diridon South site, here's a link for a conceptual aerial plan (warning: it's a large file to download - 300 kB).
Disappointingly, the Wave Mag article that promised "the lowdown" on the San Jose plan two weeks ago contains little new or revealing information. The print version also has a bizarre Photoshop-job picture of a mis-sized Shea Stadium (Shea? How about a stadium that isn't a cookie-cutter?) southwest of downtown San Jose, in the suddenly riparian Gardner neighborhood.