Sigh... in a nutshell:
Imag needs a rehab. Budget is a joke. WDI hold back. Imag still needs a rehab. Budget is a joke. Seas needs a rehab too. Seas budget is a joke. Seas borrows Imags refurb budget to supplement its own. Seas needs it. Seas is a success. Dark ride is a winner. Imag sees Seas (!) is a winner. Budget grows for Imag. WDI plus plans on the back of Seas and Mexico dark rides. WDI & Kodak know they need to get Imag v4 right. Imag budget grows some more. Ideas are moved around to make Imag ride v4 the best possible. Things finally fall into place.
To the OP, all the previous ideas did hold water, but nothing was made public because they wern`t good enough. They were more than rumour but they lacked funding. Yes, it has taken 4 years of hard work but the end is nigh. It takes a lot to excite me as you know, but if what I`m told from several sources comes to fruition it`ll be worth the wait. And the pain of version 2. Almost.