We were on in March 04 - the ship is in great shape - we sailed on the Magic during its fist year, and I noticed very few differences between the new ship and the "old" Wonder. The carpet in the elevator lobbies looked a little worn, and the deck chairs looked a bit old (not damaged, but just like they had been in the sun for a while - which of course they had), but otherwise the ship looked marvelous. There was always someone painting or polishing something while we were on board. Our room was in excellent condition.
I believe the dry-dock is mandatory for all ships, and I would guess that Disney will go overboard on maintaining the condition of the ships - they have a huge investment in them (rumured at $1 billion for the DCL operation) as well as in their reputation.
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