it's only half of FL. actually, maybe less than half. don't forget that the huge area where TLM is planned isn't even accessible now. my own theory is that TLM will come first while nobody is watching.
it's not going to be the prettiest thing in the world, but when it's done, hopefully it will be. comparatively speaking and in my opinion,
Disneyland's Fantasyland, Toontown and New Orleans Square alone dominate the Magic Kingdom as a whole. So if they can truly replicate a bit of that magic in a new Fantasyland, it'll be worth it in the end. and with what they've been doing with Adventureland, I only hope they do go ahead with at least some of this.
and just to give an idea, here's that whole area of FL that you can't access today: