When you look at Disney appropriately, and acknowledge that it IS as a publicly traded, SEC-regulated, profit generating business owned by its Shareholders (who by-and-large care little about the parks, and only care about the share price... and happen to be YOUR retirement fund).... Then, through THAT lens, I think Iger has done a fabulous job in proving that long term CapEx IS great for both short and long term shareholder value!!! Like I said earlier, you can love or hate what he's building, but Iger has built like nobody has in the past and it's great for those of us that love new, state-of-the-art adventures and attractions like Flight of Passage....
It's important to also realize that CapEx like this is NOT "the conventional wisdom" ... and it was NOT the game plan being followed by Eisner from about 1995 onward... Iger deserves credit for embarking on this course as it most certainly did NOT have to turn out this way. Eisner would have loved to stay another 10 years, and many others would have followed in Eisner's footsteps (like his kids who he was grooming to succeed himself)....
A lot of people here (and even some insiders) really feel like Disney should be run like some sort of public park, nonprofit, or quasi governmental benevolent "happiness generating machine" where decisions are approved by some kind of citizen governing board (consisting of themselves), historical society, or whatever... and this type of fundamental view is what drives a lot of the Monday-morning quarterbacking, armchair-CEOing, armchair-Imagineering, and on and on.