Disney confirmed the giant hat's impending demise Friday. The company said it is "reimagining" the area where it stands. Disney would not provide details about what will replace the hat.
I will be sorry to see it go. Unless Disney has something else in mind (and I do not doubt that they do), DHS will be left with no clear icon to represent that theme park, unlike the other 3 WDW theme parks that have very strong iconic symbols to represent them.
It will be a tall order to find something equally eye-catching as the Hat. The picture below was something I snapped a while back, and it remains my most favorite shot of the Hat.