I disagree and see the reinvestment plan as evidence of trouble. Ten years proved too long (again, in theme park terms this is a horrifyingly short time for anything beyond spit and polish.) The sponsorship plan fell apart as sponsors cut budgets or cut and run entirely. Imagine building a house- after a decade you might do some sprucing up, or even put on an addition, but you'd be rightly upset if it needed major structural or utility work already.
Magic Kingdom offers something for everyone. If you don't like Hall of Presidents, well there's Space Mountain. Having those seemingly disparate elements creates a balance. Not everyone will like everything, but everyone will find something they like and therefore it's an ideal family day out. If Spaceship Earth wasn't for you, well then, there wasn't much in Future World that would round out your experience. If Canada didn't hold your interest, you were going to have a rough time as you made your way around World Showcase Lagoon.
Imagine you're part of that new leadership and you see how much money was spent and then told to spend a whole lot more. You'd probably want some guarantee this second wave of investment would sustain the park longer than the first. Could you honestly promise it would? Horizons, Living Seas, Morocco, Norway, Wonders of Life. All major additions. How much did they move the needle in a positive direction? How long did they breath new and exiting life into the park?
The Land, Energy, and Spaceship Earth all had refurbs that kept their themes relatively intact. But did they really help? How much bang did they get for those bucks (curse you "Food Rocks.")
Yeah, we've had decades now of just throwing out ideas to see what sticks. I don't think flailing is the failure, I think drowning is.