The current Imagination is not without its redeeming features. In fact, it is an okay little darkride of sorts, I try to enjoy it for what it is. It does mistake 'gimmick' for originality, and 'tricks and effects' for imagination. The ride is a collection of effects with Figment thrown in.
The original was infinitely better. Like comparing Miley Cyrus with a Mendelsohn symphony. The orginal had larger sets, was longer, had beautifully designed 3d sets. It also took you on an adventure, a dreamlike state. There were genuinely artistic elements to it, such as the mural, the white room, and Dreamfinder's painting.
Above all, Imagination3.0 is a product of Epcot2.0, of post-ironic Disney, self-conmscious, self-referential, thinks itself and the audience too cool for classic innocent Disney, foregoing its own storytelling for a prefab reliance on celebs and IPs. Whereas Imagination 1.0 is a product of classic EPCOT and classic WDW, with its unashamed lyricism, unbridled optimism, a product proud of itself and secure in its innocent simplicity.
