Belz just sold it to Prime, who are supposedly gearing up to renovate it. Conventional wisdom is that they lost a lot of business to the Premium Outlets, and let's face it, the northern section of I-Drive is in a downward spiral. We'll see if anything comes of the new ownership.
That said, the last few times I've been there, a fair number of closed stores, and a lot of off-brand knock-off stores. What decent stores there are can also be found at either Premium or LBVFS, without the hassle of going so far up I-Drive.
Festival Bay is a bit different. The mall itself is gorgeous, and they certainly do have some unique, amazing anchor stores--unfortunetly, there's not much else. (The vacancy rate in the little shops is easily 50%, I wouldn't be shocked to hear 75%.) If Outdoor World or RonJon really interests you, it might be worth the drive, but otherwise I'd skip it.
Just my thoughts, hope this helps.