OK, as promised here's what I have heard regarding Epcot's future (much of this has been widely speculated on):
Ops hopes to have Nemo in soft-opening mode PRIOR to CM day on 10/12 or AP previews that begin the next day.
The new Canada Circlevision film will make its debut in January.
Shortly thereafter, El Rio de Tiempo will be given a Three Caballeros overlay. The budget is modest, so I wouldn't expect to be wowed.
WDI and Siemens are still finalizing plans to update SSE (both ride and postshow) and it should all be completed in time for the non-existant 25th anniversary.
Despite what you have heard, Imagination WILL be getting reworked yet again, with both the ride getting version 4.0 and a new movie replacing Honey, I've Bored the Audience for Years Now. The whole Imagination Institute, along with Eric Idle, will become history. This should be done by late 2007 depending on financing.
France may or may not be getting a new film as well depending upon who you talk to.
The new version of Illuminations will debut in time for the 25th anniversary, but no one can say (or seems to know) if it'll even acknowledge that.
There still is NO financing for the rumored parade for Epcot, which will be held during the day if it happens.
And, finally, there are absolutely no plans for WoL right now except to use it much like Millennium Village/World Showplace. There are plenty of concepts and ideas, but 'nothing is close to being decided' according to a source.
And not that this should surprise anyone, but while Jay Rasulo DID indeed know this was WDW's 35th anniversary but chose to completely ignore it in favor of the Year of a Million Free Pin Lanyards and Bottle of Powerade, it seems he was quite ignorant on other matters.
It was only recently that he supposedly caught on that Epcot turns 25 next October. And there are many in the company, even Al Weiss, who believe there should be some sort of celebration for it, even if it takes away from the globalized (but largely WDW) dreams-based marketing scheme/event.
How this all will play out remains to be seen ...
Also, here are two strictly rumors so take them for what they are worth ...
There is a strong belief at WDI that the American Adventure needs an updating, especially with the World Trade Center sitting prominently in the final scene. So much has happened in the world since the last update over a decade ago. But there are many who feel the past decade hasn't been all that great to our America (and, oh God, do I agree) and feel it would be very tough to add in the terrorist attacks, another war (or is it two?), another space shuttle diaster etc ... and still be uplifting.
Also, have heard that World Showcase may be getting another fine dining location.
This stuff is strictly rumor and should be treated as such.