Back when Test Track was getting its revamp I said this it would probably be the weather vane showing the new direction for Future World. Yes that was an entire parks president ago but what did we learn from it?
We learned that there was a solid effort to make the attraction more futuristic. Sure it was a Tron-esque future but futuristic things work better when they evoke a mood rather than try to make predictions, which is where 90s Epcot failed. We also learned from a few nods to the old pavilion logo that there was at least passing interest in the parks nostalgia.
How does that translate to Imagination? The original pavilion was not futuristic. Some of the exhibits in the old Image Works were but overall the place was too abstract to have anything resembling a time period. The nostalgia factor however is enormous compared to not only Test Track but anything related to Epcot. Trying to have Epcot without Figment is roughly akin to trying to have a Disneyland without pirates. It alters the very essence of what the thing is.
The other thing we learned from Test Track is the strong desire to use the same ride path. For that ride it was probably because the visceral part was popular, but the visuals were nearly nonexistent. However I think it's unlikely we'll see the building gutted and an all new ride system installed like when World of Motion became Test Track. The question is, would they use the current shortened track or try to go back to something more like the original? Keeping what is there is clearly the most economical option and it really comes down to what kind of budget this project gets. My hope is that it's a good one because they need something to pull people out of line for Soarin'.
I think the long odds option is making Imagination the first state side trackless attraction. It's a good fit thematically, it makes the revolving opening scene possible again without any of the technical issues the original had, and would be a fantastic way to recreate something similar to the old show for modern audiences. It makes far too much sense to be something Disney would ever consider doing.
This is all of course just my speculation. I could be completely wrong. We could end up with Phinneas and Ferb or the Muppets but it seems like Nemo may have taught them that forced synergy doesn't mesh well with Epcot. At least I'm hoping. Epcot is in trouble and they need to be smart if they ever hope to fix it.