The ability to enjoy an attraction is in no way tied to your knowledge of the attraction's origins. If it were, the ride wouldn't be as popular as it is. As it stands, the ride is incredibly popular to this day, there are few attractions at WDW that even come up to par with it IMO (in fully working state), and it continues to draw in guests of all ages (including kids who love the characters).
I'm not against something new provided it's inherently and completely superior to what was there. But there have been way too many "Under New Managements" or "Imagination 2.0's" for me to blindly jump on a gut and replace bandwagon. Perhaps if something was built on the scale of WRE or better we'd have something. But as it stands, Splash in 100% working condition still feels awesome and relevant. And if something new were built, it would be best if it were an addition and not a replacement.