There wasn't really much to MK's skull. It did not use the same spiel or look of the Disneyland original and its only real purpose was to warn people about the drop. The current version is much better, you drift quietly into the dark and are then surprised by the drop into the attack scene. It works better as a transition piece.
EDIT: Just watched Martin's vid of the scene. A Halloween decoration warning you to keep your hands inside followed by an excerpt of Paul Frees' dialogue about cursed treasure. Sometimes less is more.
Also, seeing video of the old treasure room scene reminds me of how much better that version was.