I went in February of this year and was greatly disappointed by the New Fantasyland. I realize that they can't disguise something as large as the Seven Dwarfs Mine Train. There was just so much construction. There was too much walking around everything. I don't understand why four separate stories had to be built all at once (Little Mermaid, Belle, Snow White, Circus) Two new castles (Beast, Prince Eric)? They seem to diminish how special Cinderella's castle is.
Everything is so packed in together none seems "magical" to me. Just my opinion. I probably won't be visiting this area too often. I find that the story of Dumbo just so sad, circus animals were so badly treated which is why we don't see too many circuses today.
It's just me, I'm sure that many people will love it and I hope they do.
I'm going back to Disney for a second time this year. Usually go every five years! I agree with OP though, I think Disney has lost touch with Disney magic.