I was there a few months ago. If memory serves, the theater is still standing, but they are mostly using it as a staging area for the construction going on in that area.
The auto stunt show is back further where the Backlot Tour's Residential Street used to be.
The old "New York Street" is receiving a nice update with city facades from other famous US cities (think San Fran, Philadelphia, etc.)
The newly-renamed Streets of America Backlot is also the new home for the Osborne Lights during the holiday season. Recent reports indicated that the Hunchback theater is being used for prep work on the lighting install for Christmas '04.
Given the condition of the theater, I can't imagine it being used for a future show unless it receives a significant rehab--basically rebuilding it from the ground up.