The Shrek land won't happen. We've already been told to rule out Dreamworks and the relationship between Universal and Dreamworks has gone to hell. Singapore is the only Universal park you can actually expect any sort of Dreamworks additions.
Btw, I have no issues with Shrek as an IP. The original movie was a favorite of mine, but the attraction is just so outdated and is surrounded by better versions of the same thing all around it. (DM, T2:3D, Transformers) But it serves its purpose for Universal as a people eater and I'm sure Universal loves having Shrek in the park as a recognizable and relatable character for kids. So unfortunately, I'm expecting Shrek 4-D to stay in the park for a while longer. But it being expanded upon is just not going to happen.
The studio feeling of USF is all but gone. Other than the very front of the park, everything has turned away from that look. It honestly is better for Universal to just completely abandon it at this point and accept that the future of their theme parks doesn't involve the whole working studio thing (except for USH obviously). Big characters and exciting rides with themed areas, merchandise and food/beverages is the future of Universal. Tearing down an ugly building that is supposed to look like a sound stage but is just covered with Shrek stuff and houses a below average attraction won't hurt the image at all.