^ I definitely think so. When it was themed as TR:TR, the theming was probably as good as you'll see outside the Disney/Universal/Busch parks. Where the bat-thing currently stands, there was a preshow giving some backstory, and the door toward the ride was closed, so you didn't know what type of ride you were in for. Now the door is open (at least it was the last time I rode), ruining the surprise.
During the ride itself, there was a massive carving of a goddess on the wall, and you were thrown into a battle between fire and ice. There was a soundtrack that fit really well with the ride cycle, along with a sequence where you got lowered toward the lava upside down. The cycle was a little more intense, with 4 or 5 flips (I can't remember exactly how many) instead of the 2 they have now.
Now the ride just feels like a Top Spin in a box, whereas before it was about as well-themed and immersive as it could possibly be. The theming gradually wore away when Cedar Fair took over...they ran an "insane" program a couple years ago with 9 or 10 flips that almost compensated for the lack of theming. Now the ride is a shell of its former self.
It's still an "ok" ride, but not something I'd wait more than 5 minutes for now. Hopefully the new theming means KI is trying to restore some of the ride's former glory.