Yes, I believe you are missing something. It's a charming little boat ride past lovingly tended to miniatures of Disney animated films and Bonzai-type tiny gardens. That's it. Period.
As for StorybookLand, the overall appeal is that it's
a ride. Two of them actually; a boat ride and a train ride that are interwoven around each other, taking up a rather small space but adding two distinctly different and rather unique rides to Fantasyland.
It's fascinating to me that even after the FLE is completed the Magic Kingdom's Fantasyland will still be woefully short of rides and attractions. I would think adding new rides, of all stripes and sizes, to this rather parched attractions desert would be something folks were interested in.
Magic Kingdom Fantasyland/Circusland/Toontown Circa 2013 = 9 Rides
it's a small world
Peter Pan's Flight
Many Adventures of Winnie The Pooh
Little Mermaid
Mine Train Coaster
Dumbo
Teacups
Carousel
Great Goofini Coaster
Disneyland Fantasyland/Toontown = 14 Rides
it's a small world
Matterhorn Bobsleds
StorybookLand Canal Boats
Casey Jr. Circus Train
Gadget's Go Coaster
Roger Rabbit's Car Toon Spin
Dumbo
Teacups
Carousel
Peter Pan's Flight
Mr. Toad's Wild Ride
Alice In Wonderland dark ride
Pinnochio's Daring Journey
Snow White's Scary Adventures
Mars needs women, and Magic Kingdom needs rides! Fantasyland is one of the areas of the park where the lack of rides is at its most glaring, especially compared to the equally established and mature Disneyland version of Fantasyland.