Ah, but you can't really draw comparisons to things like Fantasyland with Universal. Areas like Fantasyland are tied, in many respects, to classic fairy tales - they tend to be a bit more timeless then a popular film. Gone with the Wind still rates as one of the best films ever made - but I don't think I'd want to see a theme park attraction based on it.
Universal Florida, for better or worse, has it fortunes tied to movie properties, and if you're going to do that, then you have to change things up a LOT more often. Hit movies will only be a draw for so long - in any form. While E.T. the movie is certainly a sentimental favorite , I would seriously challenge the notion that the attraction is a draw for that park. Universal prides itself on attracting an older, edgier audience. That's hard to do with attractions that are pushing 20 years old. As I said before, it's a cute attraction, and enjoyable - but that's not what Universal needs right now. It needs attractions that will pull in the numbers.
Pulling out attractions like Earthquake or Jaws presents a greater challenge, because they themed entire areas of the park around them (the San Francisco Wharf, and Amity respectively) - that's hard to replace. E.T. is a much easier property to rework as they wouldn't have to consider so many collateral changes.
And, while we're drawing comparisons to Disney - keep in mind that they won't think twice about pulling a dated attraction. 20,000 leagues, Mr. Toad and to a lesser degree Carousel of Progress (still open, but only sporadically, based on crowds). All of those changes were made under very vocal protest - these were sentimental favorites, but that doesn't draw in new visitors, and new visitors keep theme parks open.
If Universal wants big crowds AND longevity, some tough choices have to be made - E.T. would be first on my list.
Pete