I liked it just fine. Personally, I never really understood why DCA wasn't a success. It was very nicely decorated, had some fun rides and attractions and was within walking distance of the Magic Kingdom. It is simple to pop from one to the other. We enjoyed it when we visited a few years ago.
As for lack of theming at Paradise Pier, I think it is themed exactly as what it was meant as - a seaside boardwalk type resort area. It was pretty devoid of Disney characters, but other than that, I really didn't see the problem.
I will agree that I go to Disney to experience rides that I can't get anywhere else. Sure, I can ride a freefall ride lots of places but I can only ride Pirates of the Caribbean or Spaceship Earth or Toy Story Mania at Disney, so knowing that they cheaped out in building DCA is disappointing and I'm glad they are now spending big bucks to update and improve things. I hope it will work to draw in the crowds.