Heh, I would certainly be disappointed if this rumor were true. I don't think an archaic Hopkins ride is any substitute for a full-on family-oriented interactive experience.
I think we can go ahead and put it to bed though, seeing as not only would it not make sense logically (with it being essentially a crappier version of AP), it would not very well fit in the area spaciously and in terms of atmosphere. They would pretty much ruin Midtown for a ride no one would be impressed with.
It still might be true that they've downsized plans for the area in 2010 though, just as they have done with quite a few projects. I was hoping to see some sort of revival of the traditional Landing elements, but they may leave a lot of it as-is for a while now with the Splash Battle thrown in behind. I still think what's left of the Landing play structure could be used in a lot of neat ways.