Looking at another website's discussion forums (wdwmagic.com) - BTW, I know, I know, it's sacrilege looking at another site other than the DIS

- Nevertheless, looking at the other site, I gleaned some new info (remember, take this with a grain of salt):
In November, it's likely that guests will enter Living Seas through the current exit. The hydrolators will be gone. New carpets, paint jobs, and more "Nemo-fication" will be done to the upper levels, while Turtle Talk, the Bruce the Shark section, and the sting ray section will likely remain the same.
However, the remainder of the pavilion (including the new ride) will open in 2006 (no date known yet). The ride will likely take up one of the preshow theaters, the hydrolator space, and where the old ride was. It is likely that one preshow film will remain. The ride will feature projections of Nemo in the aquarium segments of the ride (much like the Finding Nemo ride being built at
Disneyland in the old 20,000 Leagues lagoon).
Once again, these are simply rumors that someone posted on the discussion boards of wdwmagic.com. I'd post a link to the page, but it just feels weird to post a link to another discussion board.