I think it will be a mistake if they keep referring back to the old show. Barely anyone stayed for the cinematic spectacular which was anything but spectacular. They need to up their game A LOT if they want to compete with Disney.
Disney realized they were missing out on money by not staying open later and having shops and eateries open, so they push for fantastic night shows to keep everyone in the park and then everyone stays inside eating and buying more souvenirs.
At Universal after 7Pm (when I was at Disney and Uni this year late Aug, early Sept) everything starts to close. Most of the food places are already shut down, which is a time most people grab dinner. So you either leave the park for City Walk or hold in the hunger. But after eating and walking, Universal might be open for another hour or less. Forget about IOA, I feel like their nighttime schedule is following grandpa's bedtime. On the dot, you'll have most of the shop's close and the guests all leaving. While at Disney the rides just shut down at closing time and the shops are still open late giving the day a much more extended time. This makes the Disney parks feel more like an all day thing.
If Universal wants to compete they REALLY need to not only have a great night time, but they need to keep everything open later. Plus Disney's giant connected stores really allow for people to wander around and not feel cramped. Uni needs to look into replicating some of these advantages Disney has over them.