Is it going to be refurbished or is it going to be 'replaced' with a new ride by the same name? If they're going to give it the Disneyland Paris treatment, ok....it could take a while. If it's being spruced up and updated, 3 years is a bit long.
We're hearing it will be down for a while by mid-year 2007 for new lighting and sound, some theming will be added, etc, (none of this confirmed by Disney, of course, just by reliable contacts) but we're not hearing a total re-do and we're not hearing 3 years.
Just as a note, Disneland's ride was down for 2 years, not 3.