It actually offers a lot. If you venture back there you will find it's busy and full of people. It's one of the best themed areas in the park IMO. You get a chance to meet Mickey and Minnie which both carry long lines. The two actual ride type attractions are both decent for kids and adults to share. There are other lands in DL that need attention before Toontown needs to be replaced or refurb'd
Yes, refurbishment and a new attraction would go along way for Toontown. It is pretty similar to Bear Country before Splash Mountain right now, nice area of the park but the dead end design prevents many people from going there. If Toontown had a major attraction to anchor the land, it could become one of the most popular Disneyland lands!
I believe they should expand it or make a Toontown 2.0. What I would like to see is the houses becoming like the ones they had in Disney World. Like you could see their rooms and everything like that. Also the Goofy's should become like Goofy's Play and Paint House. That would be fun. I would also like to see more characters at Toontown. Like scrooge, professor von drake and more.
I think it needs a complete makeover, new coat of paint, turn Gadget's Go Coaster into a Mickey and Friends coaster or a Fab Five Coaster. I would love to see the houses redone, and move all of the characters to their houses for meet n greet's. Like Mickey in his house with Pluto, Minnie in hers, Donald Duck on his boat, Daisy Duck have a house next door, Goofy in his house, and Chip N Dale in theirs. This would be three fold, give new life to Toontown, make it easier to find these characters, and not only that it would help clear the congestion on Main Street caused by the characters.