They are breaking ground sometime next year. There are two phases that will be opening at separate times: An new area based on the Disney Princesses is expected to open in 2012, then a new area based on Pixie Hollow is expected to open in 2013.
Sometime in 2010 they will be closing ToonTown Fair as part of the refurbishment. They re supposed to be finished in 2013...I couldn t find a lot of details.
Just beware that WDW s Magic Kingdom is not like Cali s Disneyland.For starters, they dont have Pirates of the Carribean or the Matterhorn.Their It s a Small World is actually small.Plus, you can go inside their castle there- don t miss that breakfast, by the way, if you can get it, it s always sold out in advance. (Cinderella s buffet i think is what it s called)