As far as I know, it's not open yet and won't be until March - unless the refurb is ahead of schedule. Either way though, you should be able to ride it in May.
I can't remember, but I believe all of the dolls costumes will be repaired, there was a lot of water damage to the ceiling that will be fixed, the lighting and sound systems will be updated, and the skyway to Tomorrowland will be added as Small World stroller parking.
I'm not sure if all those things are being done, or if there's even more work being done - but it was in serious disrepair. It was time for the work.
They were also updating the entry queue, switching the entry and exit lines so that traffic flows better between IASM and Peter Pan's Flight. There were also rumors that the front of the building would get more a a Disneyland-esque facade, but I haven't heard anything about that lately.
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