Honestly, I thought the same thing until I had a child. Now my two-year old loves the place. I think it is pretty well done for little ones. I think that Walt's quote about sitting on a bench watching his little girl on a merry-go-round is misapplied sometimes. It is ok to have attractions, or even a whole land devoted to the little kids, so long as there are other things where "Daddy can have a little fun too." Toontown is boring to adults, but it is a hit with the target audience.
That being said, I would like to see a "Mickey Mouse Clubhouse" built just like the clubhouse on the show. It could be more than just a playground. They could put in a series of minor attractions (think "A Bug's Land"). Maybe a balloon ride based on Donald's hot air baloon similar to Pteradon Flyers at IOA, a super slide like is shown on the house, and even a dark ride featring the classic Disney characters in some of their classic cartoons.