What do you mean by "has it's time passed?"
Mardi Gras seems to be doing it's job better than ever, basically Uni's version of F&W, the difference is, where most of your complaints are and from what i've experienced, the parking situation is a nightmare. They need to add on to that garage.
The real question should be has Uni gotten too big for it's current parking infrastructure? And to that, i'd say HELL YES.