Bittersweet news, this here be.
LC was awesome in its heyday. Pyrrock and Blizzrock made the best attraction entrance ever. Sindbad is an awesome stunt show, though it lacks a few things. I often see kids having fun with the Mystic Fountain. As much as I have expressed my distaste for Lord Darkenon, Poseidon's Fury is still awesome, though a shade of what it once was. And if Mythos is removed, I will literally cry.
I hope the creative team really has an ace up their sleeves, but no rumor, concept, or ounce of speculation has made me want a Phase 2. I'm sure the Gringott's concept would make more sense if I read the last book. I can't see Phase 2 taking over the rest of LC. It's so much land. Phase 2 will need landeaters like Hogwarts and DC, and of the lore remaining in the HP universe, what could do it? I know Teebin and Disneyhead are trustworthy sources, but 90% of this speculation takes me back to the days where everyone was convinced that Dragons would be converted to brooms and we'd zip around a Quidditch pitch on a crotch-coaster.
I guess on the plus side, more WWOHP construction will keep me busy for a few years, which is great, because FLE is boring me to death. I love Disney but I'm not going to pretend to be excited about it.