I think most people agree this was a needed change. Either for political reasons or just because it was falling behind the new standard.
The worry is if this is a rushed makeover to overt a few complaints or a thought through refurbishment to make it a better ride long term. Jury's still out for me right now. Based only on what we've seen so far it doesn't seem to be anywhere near as interesting as Snori or Madame Freudenreich, (Batavia seems like an unreasonable comparison due to the scale of the attraction, but it was done in a quick time frame). However if they add more next year there's no reason it couldn't have more to it. For example replacing the cave with a show scene finale, like a better version of Drayton's Excaliber.