Well, looks like I was right. Not only does it look like the theater is getting redone, but the old ride system has been removed. Found this picture on the park's FB and Twitter:
Given the concept art that was shown, it seems that the whole theater will be remodeled with a possible new system. Though if that is true, I'd like to know who CF is working with on it.
That's true. I got to visit IAAPA as a late birthday gift when it was in Vegas in 2009, and I certainly had a blast there, even if I was just a random theme park geek. Still one of my favorite birthdays that I've had so far. I'd certainly like to visit IAAPA again soon.