I just don't think judging the value of things in a theme park based on things like "I haven't done it in a bit", "it doesn't provide immediate benefits to me", and "well it exists other place". For a theme park chain that is proud of the intangible in its parks this seems like a poor move. But this is all based on information as released by Disney, so if we find out about other water features or a retheme to Fronteirland they could have mentioned that but didn't, that's on them.
Early, early plans were for all of Fantasyland to be new - see Ice Princess by Marc Davis for example. Dunno if that was the plan for the full park or just FL.