It was an audio-animatronic presentation of Disney music being performed by Disney characters on a large stage. I never saw it, but it sounds sort of like the American Adventure at Epcot, featuring Disney characters instead of American history.
It was where Mickey's Philharmagic is now in Fantasyland.
The MMR was moved to Tokyo
Disneyland. It was taken out of Tokyo, I think about a year ago. I don't know if it was or is planned to be installed at another overseas Disney park.
After MMR left Fantasyland, I think the theater was used to show Mickey Mouse cartoons for a while. Then it was the home of Legend of the Lion King, a retelling of the Lion King movie using stick puppets. In the preshow, Rafiki introduced the story, including the famous line, "Hmm, I smell
humans!" before acknowledging the audience.
Finally, Philharmagic was installed after FOTLK at DAK kind of made LOTLK redundant.