Yes, socal, I agree with boo's appreciation for your willingness to look at this from new angles.
For what its worth, I was much like you a few years ago. I thought these guys were nuts. Just a bunch of grumpy old codgers out to kill my joy.
Turns out, however, they (including the many who don't post much anymore) were spot on with most of what they said, and they have the knowledge of the history to back it up.
I've learned that you can appreciate Disney for what it is, while still understanding that it was once much more, and, if we get lucky, could be once again.
Its a company that can make money. No question about that. Obviously, however, many have questions about whether they are making as much money as they should. The company's performance has not been what investors have been looking for over the last 10 years or so.
Why?
Certainly the company has moved in the direction of trying to do what the Street considers "fiscally responsible".
Yet as they've moved in that direction, focusing on the "media conglomerate model", and mitigating investment in the "capital intensive parks", finacial performance has grown more and more spotty.
Why?
Because in order to succeed, you have to take some risks. Especially in a field like entertainment. As Boo said, that doesn't mean you sink everything you've got into a mega park in Thailand. But certainly Disney has the resources to look for ways to raise their creative bar without risking the viability of the entire company.
Remember also, that its not ONLY about the money. Yeah, if you want to build a better park, its not going to be cheap, but its also about attitude, culture, and all of those things. If a creative company's primary focus is on things like "fiscal responsibility" and "risk mitigation", then they aren't focusing on creativity.
Hence, the product suffers. Might still make money. But aren't the most successful creative endeavors those that focused first on the endeavor itself, as opposed to first asking the question "how do I make more money"?