Long ago on these boards, as I recall it, someone (it may have been Another Voice) insightfully noted that the purpose behind a Dumbo attraction should properly be that we go flying with Dumbo. It's not supposed to be a fancy, glorified carnival attraction which happens to have a Dumbo theme.
With the available technology and budget of the mid-1950's a rotating Dumbo spinner was a reasonable interpretation of soaring with a flying elephant. While I certainly don't have a problem with the attraction as it exists, in 2011 an attraction which takes guests on a flight with Dumbo could be so much more than just a spinner. Today Disney could build a far better, more convincing and more "magical" (for lack of a better word) Dumbo attraction than obviously fake elephants on poles going around in circles. It's almost like we have lost sight of what an attraction is supposed to be - not a ride vehicle themed to whatever you want, but rather an experience which tells a story or showcases events - with the ride mechanism just being the vehicle which takes you through the attraction.
Again, while there is no problem with Dumbo specifically, if you are spending money to rebuild the attraction, you could do so much more than merely recreate the ride. I have no doubt that many would plead for the original to be retained for nostalgia sake, and they make a valid point (its a Magic Kingdom classic), but instead of doubling the spinner - why not strive for something more innovative.