A (secondhand but reliable) source familiar with this project said that it has a rather sizeable budget. They didn't say anything specific, but I expect this will be a lot more than replacing light bulbs, dusting off the old X-wing, and setting up some switchback ropes. As with all recent WDI projects, I'm sure the end result will be nice, but perhaps not quite worth the massive cost.
They're expecting that this will be the first step toward a complete Tomorrowland overhaul, circa 2021. That will include considering whether to keep/modify or scrap Autopia, the Subs, and PeopleMover track (which apparently hasn't been decided yet) and how to proceed in those areas.
They also said that as a result of the overwhelmingly negative reactions, they're reevaluating whether to keep the tarp over the Pizza Port sign or replace it with something more befitting of a premiere destination. It's unfortunate that they ever thought it was actually a good idea