This isn't my memory at all. My understanding is that the MGM makeover we anticipated several years ago consisted of a SWL comparable to the one currently being constructed, but replacing Indy and Echo Lake and extending the park barriers by replacing a significant portion of the parking lot; a Pixar land containing the Monsters door coaster and a modified, possible shortened RSR; and a phase three that was always somewhat nebulous but possibly focused on Indy. I don't recall the precise timing, but a Mickey ride, possibly located in the Animation Courtyard and thus leaving GMR as is (was), has been a part of the plan for a while. We also expected replacements for the incredibly tired VLMM, Indy, and B&B shows. Even the TSL we are getting has been dramatically cut down from earlier proposals, as made most evident by the art work they still, deceptively, use to promote the land.
If my recollection is incorrect, those with better memories can correct me. But that makeover, which we've been anticipating for over a decade, dwarfs the totality of what we are getting now at all four parks.
As for future MGM projects, the only strong rumors I've seen are possible replacements for the aging live shows and layovers to RnRC and ToT. The impression I've gotten from insiders - and again, I might be wrong - is that execs think SWL pretty much fixes the park, which won't need any more attractions for quite a while.