Actually I don't think you're that far off. I wouldn't put it past Eisner to believe his legacy was damaged by the claims Roy made when he went off on his own. Things got fixed up pretty fast once Roy went public.
But I also think that it's Matt's sincere belief that by spending the money now, and increasing the value of the park, he will be able to get folks to come back for the 50th at a higher price. It's a risk to be sure, but it is a smart business move. Either they will see increased per cap spending for the 50th, or they won't. If they do, DL will be back on the path of glory, and if they don't, I expect that HISTA will be replaced by a Chicken Little show by 2008.
In the mean time though, I think their only option is to cut costs in ways that they feel have a limited impact on the guest experience. Ok so maybe the quality of the dining experience will decrease a little, but at least the rides will look clean and safe and run smoothly. Since Matt and Greg seem so much more oriented with the attractions, it makes since that other areas would suffer. Just as attractions suffered when Pressler and Cynthia changed the focus to food and merch.