Judging by the number of little boys shyly meeting princesses and fairies or the number of little boys walking around WDW with great big red kisses on their cheeks and foreheads, I'm thinking that princesses aren't as universally distasteful as you think. I was with a family a few weeks ago that had 7, 9 and 11 year old boys. The 9 and 11 YOs had no problem whatsoever with princesses. They happily met Snow White. They enjoyed VOLM and other princessy stuff. And then they went off and watch LMA and had a great time there too. The 7YO decided Snow White wasn't to his liking. I think a lot of the "distaste" comes from parents who think that their boys only want "boy things". Up to a certain age, little boys don't seem to care. Over a certain age, little boys don't seem to care. I think there's a window where "girls are yuk" and it doesn't matter who the princess is or what they're doing. But that's why there are pirates!
As for Fantasyland -- there's still the new Gaston's Tavern and all the stuff that appeals to both genders (Pooh, PhilharMagic, small world, Peter Pan, Teacups, Dumbo ... even Snow White's Scary Ride is less princess than it is scarier themes). The new storytelling experience that is about to replace Belle will feature both Rapunzel and Flynn Rider. The current castle show has both princes and princesses, as well as pirates, villains and Mickey & The Gang. I do think that Disney has done a lot to appeal more to boys in Fantasyland.
YMMV