While I can't help you with the future plans for this restaurant, I can give you our opinion as of our visit in January. Bear in mind, that I was born and raised in an area of very good Italian food.
The atmosphere of the restaurant is little changed from what it was previously (Alfredo's). This is not a bad thing!
We had a very good appetizer (Antipasto Misto) which I would heartily recommend.
However, that was where our appreciation of this restaurant pretty much stopped.
I think that they would be well advised to remove just a couple of tables, thus eliminating the necessity of the waitstaff to proffer their posterior to you while serving the adjacent table (we were seated at a table for two along the outside wall where the seating was EXTREMELY tight).
While DW's meal (Bucattini Pasta) was alright, mine (Tagliatelle Egg Pasta) left something to be desired. It was a little greasy and kind of nondescript (and, dare I say it - kind of Chef Boyardee in nature). Not what I expect for a $20 entree.
Just my .02 - I know there are many who have been very happy with this restaurant. We typically don't write off a restaruant until we have visited any establishment twice. But given the wide ranging restaurant offerings in WDW, it will be quite a while before we go back for chance #2.