I was very glad to have the opportunity to see MSEP, although slightly different this time, for the first time since 1987 this past week. It was a blast from the past with the chance to see Captain EO and MSEP on the same WDW visit, like I did back in 1987 as a kid. My kids loved it and couldn't get enough of either (probably helps that they've had audio and video of both over the years and none of us thought they would ever get the chance to see them in the parks).
I expect they will cut it back, as right now it is going 2 times a night, but it seems like it would be less expensive than Spectromagic since it has fewer castmembers involved (at least it looked that way to me this past week) so maybe it won't become a twice a week thing like Spectromagic has been over the years.