Anyone who thinks we are losing a massive source of theme park beauty needs to go to Disneysea to see what actually beautiful theme park water features look like.
The concept art, if executed, is significantly more beautiful than what was there before. The rides are a net positive and add capacity that will actually be used, leading to lower wait times around the park (except as Cars, which will be the most popular attraction in WDW). This also starts to differentiate Magic Kingdom, which feels pathetically weak compared to Disneyland and TDR if you've been to them. Shanghai actually feels different as a castle park, I would like Magic Kingdom to as well.
I do think that losing water is not a good idea, but the concept art for Villains is adding some and they seem to be keeping a bit near BTMR. I would bet on the Piston Peak facade containing a handful of moving water features that bring a similar feel with more flow and motion.
This is completely different to losing Star Tours/Muppets, which would just make DHS even weaker. This, an announced and shown, makes Magic Kingdom better. This plus Villains makes Magic Kingdom truly great. A redo of Tomorrowland is the next step.