Okay, I just got done talking to a CM friend of mine that works Fantasmic! According to my friend, who shall remain nameless to keep him or her out of trouble, just in case, the following has been told to the CMs and Managers:
A rehab could happen in 2005. This rehab would solely be a standard repaint, repair and refurbish job. Changes to the show are being thought about, but that's all at this point. One thing that may be leading to some rumors is a possible plan for a "rain show." This would be about a three minute soundtrack that would be played in the event that it is too slippery onstage/it's raining/etc while they set off the fireworks that had been set for the Fantasmic show that night. It would just be the fireworks and music, maybe a little bit of water effects as well but that's all, no characters. Once the fireworks are set, they have to be set off so they were getting alot of complaints from people that said that the show was cancelled, but they could see the fireworks going off from the parking lot. This would be a solution that would make everyone happy, in theory. I trust my source has given me the most accurate information that could be given at this point, so I hope this helps.