The thing IS recognizable. It immediately says "Disney _____ Studios Park" to the guests arriving. That said, I agree with another poster who said that it's just in the wrong place. Out front would be fine. Somewhere off to a side, I dunno...but it does block a rather beautiful structure.
There are apparently a lot of buildings in the Studios Park that are modeled after real buildings in LA and Hollywood; why they'd have to disavow Graumanns' Theater at some point in time eludes me. Couldn't that be true of any of the other buildings also?