Studios was never a complete day park for us, but looking at today's wait times shows that the park hasn't reached a level of irrelevance: One hour waits for Star Tours, Rock and Roller, and Tower of Terror. 2 hours for Midway mania. Fantasmic is still a great night-time show, and the new Star Wars fireworks (which will only get better) keep people around into the evening even longer. Meanwhile, Little Mermaid, Beauty and the Beast, Indy, Muppet, Movie Ride, and the other walk through attractions can keep you busy.
No, it doesn't have the number of second level attractions like Magic Kingdom (Haunted Mansion, Buzz Lightyear, Winnie the Pooh, Jungle Cruise), and it doesn't have the sheer size, food and walking areas like Epcot, but it's certainly on a par in many ways with Animal Kingdom. Similarly, AK is in building-new-attraction mode as well. Coincidence?
Face it, Studios was always kind of a hodgepodge anyway, with attractions slapped hither and yon. Earful tower was invisible through much of the park, and the long walk to Lights Motor Action a real pain if you're hauling younger kids or the temp is north of 90 degrees. There's also bottle necks for traffic all over, (like by Star Tours). It's getting improvements, and that takes time. No magic wand can be waved to tear down and rebuild the place overnight. The analysis is that the park needed improvements, and now it's doing them. In the meantime, it's still an amazing place with long waits for 4 of the headline attractions, and lots of other stuff to do. Let's think about what wonders are coming, which is the key to surviving any remodeling project. It's fun to speculate what exactly will happen, and it's healthy to be nostalgic about what's disappearing. But constant negativity from some in the boards is truly tiring and makes me think that some people are just in a constant state of belly-aching about everything in their lives. Hopefully I'm wrong about that last bit.