I suspect they will pick a venue that suits them. wouldn't it be a sight to see if they chose a lake in Switzerland.
The lower weight and shorter width of Alinghi's cat probably translate into an advantage in light wind and sea conditions, but the Deed requires that the venue takes place at sea.
They will probably choose a calm secluded bay in the Mediterranean, with high statistic probability of low winds and as difficult to fly from the US as possible. Maybe somewhere in Greece? Anyone knows calm windless bays in the Mediterranean?
Whatever the venue it has to be "on ocean courses, free from headlands..." and the course will alternate between a 20 mile to windward and return and an equilateral triangle course (with equal legs) of a total 39 mile length with the first leg to windward. Bays are out (which kinda baffles me this light air looking thing...I think they intend for the beam forward banana foils to make it work in the ocean).