The only thing we heard recently that it was to go under rehab (no date was given) I love that ride as well, but it needs a little updating. We stood in line and watched the movies and although most of my party knew where all the clips where from, you could see in the younger people's eyes (late teens, early 20's) that they had kn idea where half of the clips were from. That's just an example. But I'm sure if you asked many people who visit there that it could use a little more pizzazz!!!
I think the issue is that Disney is in the process of ending its affiliation with MGM studios, and they may no longer have the rights to the movie scenes/clips contained in the ride. It's probably something that they need to work out through legal channels/fee payments to make sure that what is in the ride they have the right to use.