In terms of Space and Everest, I would hardly consider them as lowly as you speak of.
Space is a truly one of a kind ride, the first ride to successfully incorporate incredible forces in a motion based ride. And the sheer scale of Everest is unlike anything else.
What Disney goes for is the awe factor. I have yet to see Universal top the queue of Indiana Jones, or the pure scale of the Tower of Terrors . Even Everest, and Test Track are truly well thought out, themed well, and magnanimous in their effect on the theme park industry altogether.
However, Universal's formula for success in terms of Harry Potter seems lackluster. They are essentially re-branding the entire park, rethemeing one of the best rides of all times, and for what? A book. I would consider this a ploy to ride the wake of Harry Potter.
I wouldn't be all too surprised if in 5 years this Harry Potter land will look exactly like Forks, Washington; with Dragons rebranded as Edward vs. Jacob.