I remember my very first visit to WDW. I was four years old and I saw a video that showed the promo footage for that attraction. I was so terrified of being brought in there I begged and pleaded my parents to not take me in there and they didn't.
That was my only chance to see it. I was too young to enjoy it but I kind of wish my parents were jerks and forced me in there now. I think it would've been worth the trauma in heinsight to have the bragging rights of being able to see it. Alas I never did and never will.
As much as I would have loved a chance to have seen it, let's be brutally honest here. I don't think the ride would hold up now if it was still around. It would have looked VERY dated and the re-readability value was very low. Even if it was located in another park besides the MK, I still think those issues would have demised the attraction by now.
Sure, you could update it. You could add random occurrences to freshen it up every time you experience it, but there's only so much you can do for a show where you sit down in a circular theater.