How does everyone feel about the fantasyland expansion? I'm kind of sad that toon town will be gone, but I'm excited about the rest of the changes. This seems like a really focused expansion, and I see lots of great ideas throughout. Sounds like it's going to be more "thought-out" that the recent changes we've seen (like re-vamping Alien Encounter/Stitch's Great Escape a million times over...)
I think it's great. I'm really looking forward to a new and improved fantasyland. I think this section of the park is nostalgic, but has long needed an update.
May 2008 CSR 
I have to say that I am a little anxious about the revamping of fantasyland. With that being said, as I don't have kids yet, I don't spend a lot of time there anyway, so it doesn't totally matter to me one way or another. I haven't looked at the new plans too much, but I think a bigger dumbo and some nicer restuarants are long over due for this part of the park. My main concern is losing the jugdes tent. I liked being able to know that whenever I had some time to spare I could find mickey at that spot, and I hope that there will still be a place like that when they finish. (again i only briefly looked at the plans over a month ago when the rumors were everywhere). I just wish they could find a way to make the line for peter pans flight shorter. lol. I am sure that when it is done it will be a great addition to the park. Disney doesn't do much wrong (with a small exception here and there with things like stitch)
I agree wholeheartedly with glassslipper. Updated rides and new restaurants are needed in fantasyland. But I think there are places in each park where you can pretty much always find Mickey -- Mickey Ave in DHS, the character spot in Epcot, and Camp Minnie Mickey in AK (he's at least there most of the time). It would be nice to know that they'll replace the judges tent with some sort of constant Mickey spot.
Also, I'll miss Mickeys and Minnies houses. 
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2010 Beach Club Resort
2005 Port Orleans Riverside
2006 Animal Kingdom Lodge
2007 Wilderness Lodge
2008 Animal Kingdom Lodge
2009 CBR/Polynesian
This will be like no other "rehab" or renovation that has ever been done before at Magic Kingdom. Not even the redo of Tommorowland in 1994 will be on this scale. It could more accurately compared to the expansion of Disneyland in 1959.
The addition of the restaurants will be welcomed, in my opinion. The Little Mermaid attraction has long been talked about, and will also become a reality at Disney's California Adventure, which is also going through a great expansion itself.
As far as Mickey's Toontown Faire goes, well that land was planned right from the beginning as a temporary area. It still thrives 21 years later, but the alterations of Fantasyland will more than make up for the loss of Toontown. Character meet n greets will not become scarce, I don't think, since much of the new Fantasyland will revolve around characters, albeit the Princesses more than anything else. The Fab Five will still be available and accessible in all four parks, not to mention at character meals in the resorts.
Upcoming Trips
The Fab Five will still be available and accessible in all four parks, not to mention at character meals in the resorts.
Good point. You can always get Mickey's autograph at 'Ohana breakfast, Chef Mickey's, or Tusker House.
May 2008 CSR
Now they'll have to change the song though, right? There will only be 6 lands.