I'm of the opinion that Men in Black is timeless (as others have pointed out... shooting outer space aliens is pretty immune from going out of date), but I hear you that the movie franchise is at this point past its prime, with the latest attempt at a relaunch landing with a thud. It's also fair to say that Universal has historically removed and replaced attractions that would have soon required complete rebuilds or overhauls.
Cat in the Hat I think is likely to get the Spider-Man treatment. Same ride path, same basic story and show scenes, but with improved animation and effects - along with some permanent reworkings on the sequences that previously depended on you vigorously spinning. It's something that they can potentially advertise - like they did with Spider-Man. (Disney does this too - when rides require substantial rebuilds, they get a soft relaunch campaign.)