I can understand why they did the hat. Epcot has SSE, MK has the castle, AK has the Tree, and Studios has...a theatre with chinese accents? Studios was left without a true Disney original park icon. I think WDI slipped a little on the Earful Tower.
I think the Hat would have been better about 15 feet shorter in scale, and placed about 80 feet to the left (viewed from the entrance).
For me, the Hat represents several things: Mickey coming into his own as Disney's representative, due to "Fantasia," the "magic" of Disney, and the "magic" of films and TV. As an icon, I think the hat is very appropriate for Studios.
Just thought of this...too bad they didn't build it as a walk under just as you enter the park. Wouldn't spoil the view down to GMR, and it would provide shade and rain cover at the entrance.