Yes. They will knock down Mickey's Toontown Fair in order to make room. There will be an Ariel ride, and hugley interactive meet 'n greets with Cinderella and Sleeping Beuty.
It is planned to open in stages, with the first section opening in 2012 and most of the area opening by 2014.
The first things to open will be the new DUMBO ride, caseys Jr., and the Great Goofini roller coaster.
Walt Disney World Resort - 2012 was released on: USA: December 2012
Walt Disney World Resort - 2012 Disney Resort Hotels 1-4 was released on: USA: December 2012
Walt Disney World Resort - 2012 Theme Parks - 1.2 was released on: USA: December 2012
Walt Disney World Resort - 2012 Introduction 1-1 was released on: USA: December 2012
Walt Disney World Resort - 2012 Beyond the Parks 1-3 was released on: USA: December 2012
Walt Disney World Resort - 2012 Theme Parks 1-2 was released on: USA: December 2012
Walt Disney World Resort - 2012 Tickets and Packages 1-5 was released on: USA: December 2012
Walt Disney World Resort - 2012 Insider Tips 1-6 was released on: USA: December 2012
Walt Disney World Resort - 2012 Little Ones 1-7 was released on: USA: December 2012
Well as of right now they are going to have a Star Tour II ride(like a 3-D simulation ride) done in 2011. The huge project with the BIG expansion on Fantasyland will be done in 2012, and the Pixie Hollow part of Fantasyland will be done in 2013 and will remove Mickey's Toontown fair. Hope that's enough info for now, because its all I got.