Indeed, Figment (and Dream Finder too for that matter) does indeed have a cult following. The rumor that has been circulating is that Journey into Imagination will close, and be replaced by an Inside Out attraction, and that the Pixar Short Film Festival will be replaced by a new movie featuring Figment.
My honest hope is that they do not go with this plan. I would love to see an Inside Out attraction, but more than that, I would love to see Inside Out take over the old Wonders of Life pavilion. It would be great to have that open and gobbling up people again. In conjunction, I would hope that Journey Into Imagination could get a complete overhaul, and be returned to it's former greatness, or at least some semblance of it.
I, by the way, do not believe that it is logistically impossible to recreate the original ride. Computerized control systems are a LOT more capable now than they were back in the 80's when the ride was first created. My guess is that it wouldn't be too hard to overcome the timing / synchronization problems of the original ride with a computerized control system.