I rode it for the first and second times Thanksgiving week. I was trying to go in with an open mind, despite how annoyed I was that they got rid of Splash and didn't give Tiana (my daughter's favorite princess) her own ride. This "update" is just lipstick on a pig, and it's one of my biggest complaints about the ride.
The Good
The queue is fine and has nice things to look at for when the line gets long and slow.
The greenery is lush in the ride, and it could actually be a nice background for a ride.
The final lift hill has a really nice effect - theatrical fog with purple/gold lights. It was my favorite part of the ride - it was gorgeous in the daytime, and I bet it looks even better at night.
When we rode, the animatronics were all working.
The final show scene was well-populated, and I thought the screens were well-placed and added depth.
The Bad
The ride is basically just a series of vignettes broken up by large swaths of the foliage. There is so much less to look at than there used to be. After two rides, I don't think there is anything I'm missing that would need another ride.
The story is one-note and repetitive.
Mama Odie's voice is so muddled that it is not obvious that she shrunk you and grew you. Asked the daughter after the second ride if she knew what was happening, and she didn't.
The Ugly
Louis is an alligator. Alligators are not mammals, but are reptiles. Louis is furry (or at least looks furry). Why?
The epilogue to the ride is barren and bleak. You have the big party scene, which I did like. Then it's just a night scene (now featuring two stars for our dearly departed lightning bugs). Then Odie yells at you. It truly comes off as if they had no plan for after the party. I'm guessing because they didn't. It's really pathetic.
Overall, as a brand new build, it would have been fine, but not enough that I would have felt a need or desire to ride it repeatedly. My daughter liked the new theme, because she loves Tiana, but admitted the ride was not as fun. I think as a Splash replacement, it's depressing.