It's fine for what it is. It pales in comparison to, say, Men In Black over at Universal, but it's an enjoyable attraction that moves people through quickly and is fun for guests of all ages. Not everything needs to be an E-ticket (nor should it, since WDW refuses to design E-tickets with sufficient capacity to accommodate more than a fraction of the guests who want to ride - hence, ILL and VQ schemes to ensure that only the richest, luckiest, or most tech-savvy will have the privilege).
Given WDW's recent track record, it's safe to assume that anything Disney might replace it with would take 5-10 years to build, and would end up being too short in duration, too unreliable in terms of ride system functioning, too small in terms of capacity, or too cheapened-down-by-the-bean-counters (or some combination of those ) to be a meaningful replacement. That said, there's no reason that Buzz -- which in response to the OP's question, I'd suggest is a "classic" -- should have been allowed to languish in sub-optimal condition. A deep cleaning, restoration, and even an update with some better lighting and other effects, is certainly in order.