I can't agree with you on this.
It's still one of the most entertaining & fun attractions in the park. And the queue, with it's giant redwoods, great pine scent, Botanicus AA and general ambiance, is very satisfying. And its not a nostalgia thing with me since I didn't go to the park in it's early years. It's way better than the Peter Pan dark ride at the Magic Kingdom (even though they just put in some really nice queue scenes that are actually better than the ride). We ride ET more than half a dozen times every vacation. Plus the park really needs a ride like that to balance out things.