Ok... So here's a loaded question:
What would "opening it up" entail?
They already have Star Wars weekends that are successful even though it is largely meet and greets. If they actually did a larger themed area on the scale of Universal's Harry Potter, they could really have something that was a draw for Hollywood Studios. As it stands, Hollywood is a half day park, and not an every Disney vacation necessity. One could argue that Disney doesn't care if people only stay half day, but, frequently people try to do animal kingdom and hollywood in the same day. Right now, they are both half day parks. Very neatly actually, you hit animal kingdom in the morning and go over to Hollywood in the afternoon so you don't miss Fantasmic. I believe that Disney is trying to get away from the half day park, thus the upcoming night time show at Animal Kingdom along with Avatar land. That way, you can't park hop without missing a nighttime experience.
Many Disney vacationers stay offsite, having a half day park means losing out on dining and merchandising. With Hollywood, you can ropedrop, see all the highlights and be back at the room or at the outlet malls by around 2 pm.
They are missing a large demographic right now, the 20-30 something male. I cannot get my brothers to come to Disney. They are not interested. They love Star Wars, rode Star Tours, it's meh, and now they are done with Disney until Disney comes up with something else.
As far as what exactly they need? I have no idea. I know it can't just be a ride, or just be a themed area. It has to be something more, but what that something more is, I'm not sure. I imagine though that if I knew what that was, I wouldn't be working in a library right now.