I'm a big fan as well and after seeing what was build in Shanghai I'm even more offended by the Little Mermaid in the "new" Fantasyland.
As far as tearing down a beloved ride.....I was at a talk and book signing yesterday by Marty Sklar and the Museum of Science and Industry in Chicago. Marty was promoting his new book "One Little Spark" along with two current Imagineers. During the Q&A someone asked Marty what is the most difficult part of trying to keep DLR and WDW updated? His response was basically nostalgia. When they do research about removing or changing a beloved attraction, especially some of the oldest attractions at DLR, the overall response is: I rode that attraction as a kid, I took, my children to ride that attraction, My children are taking my grandchildren to ride that attraction you CAN'T take it away.
Unfortunately, or fortunately, with Star Wars Land and Avatar Land being build in Florida, it's highly unlikely we will see any updates to the MK anytime soon, but when we do I hope hey are more like Shanghai than the new Fantasyland.