I went to Universal about a year and a half ago for the first time since the '90s (pre IoA) - like the OP. The whole locker thing, after being used to Disney for so many years, is a colossal pain in the rump roast IMHO, and really slows you down. It reminds me of when we had a stroller for the kids - before every ride, you had to stash the stroller, and after the ride, you had to go hunt it down again.
That being said - you don't have to check your stuff for *every* ride. I took my (weather-sealed) DSLR on Jurassic Park and Popeye with no problems. If you have a small enough camera, you can keep it with you. Were I going today, I'd bring along my Pentax Q and a fast prime lens for it. I'm not sure how the size of the Nikon 1 compares (for LittleMissMagic) - I know it's bigger than the Q but not enormously so, so you might be able to hang on to it.
I actually found a few pockets of good theming here and there in the "old" Universal, but they were rare and often seemed to make no sense - like the Garden of Allah Villas, which was an attractive area that seemed tied to no store, restaurant, or attraction, it was just there. I like the HP area but wasn't blown away by it, and much of the rest of Universal didn't impress me. Poor quality character costumes, uninspiring shows (the nighttime show was pretty awful), old rides, etc... of course, it was still lightyears better than the Hollywood Universal Studios, which I last visited in 2007 or so and which had, as I recall, all of *four* rides open in the whole place and was a big, ugly, unthemed mess.
I was there (USF) for Halloween Horror Nights and most of that was pretty well-done, to be fair, even if much of the time is spent waiting in looooong lines.