Philharmagic wouldn't fit in the Magic Eye theater. It is far too small for the 180 degree screens. Laugh floor would probably fit though. Unfortunately, neither is a thematic fit for Tomorrowland, and if there is one thing Tomorrowland needs it is more rides about the future and fewer attempts to just fit a ride from some other park in there.
Its important in 3D movie and Michael Jackson history.
Either way, I'd say keep the show for at least the rest of the year as I think it's a waste to make that Captain EO Tribute sign for just a few months.
I made the second day crowd...not much of one...wanted to see if I remembered the great EO. The theater effects were a plus. The audience cheered when MJ emerged on screen (I heard that some crowds actually cried). The film is dated, the costumes, hairdos, music, etc. It was as I remembered from when I took my kids way back when. I had forgotten that Francis Ford Coppola directed this effort and I think that Angelica Huston really steals the show. It brings back memories, both good and bad, and I agree it will not be there for the long run.