It just came out of a major refurb for the 50th anniversary.
Actually, due to years of inadequate maintenance, the track in
Disneyland's 'Space Mountain' had reached a point where it could no longer be repaired. Since Disney was building a 'Space Mountain' clone for Disneyland Hong Kong, it was decided to order a second track and use that for Disneyland.
However, Disneyland's track suffered a major break one morning just before opening and the attraction was shut down months earlier than planned. In order to save money, the original "second track" schedule wasn't changed. The original intention was that a revised 'Space Mountain' would be center of Disneyland's post-50th marketing campaign (save something to get all those Southern Californians to come back).
However Part Two, when management actually got around to looking at the plans for the actually 50th Birthday Celebration - they amounted to little more than gold Mickey Mouse Ears, a slide show accompanied by a couple of fireworks, and merchandise saying "Walt gave us our dreams, but all Eisner sold me was this lousy t-shirt". The schedule for 'Space Mountain' was accelerated by cutting out most of the effects.
A lot of these new effects are for a planned night-time "overlay" called 'Rockit Mountain'. The plan is that in the later hours the soundtrack and effects will be switched to a "rock'n roll" version. Basically you'd get a disco ball instead of stars and some third rate unknown grunge band instead of The Incredibles score remix (note: BRING BACK DICK DALE!).
Why anyone thought this was a good idea remains a mystery. Disneyland did turn on the Rockit Mountian effects during this years Grad Nights. All indication is that no one was whelmed.
Its unlikely youll see a similar make-over at WDW. Disney is not going to lay out the money without a direct and easy-to-see line to higher profits. Adding Johnny to Pirates is easy to justify because you can force people passed the wall of Johnny Dolls at the shop/exit. Making Space Mountain a better ride doesnt pay off in ways you can put on a PowerPoint slide.