Based on local news and pictures from Dejiki on the refurbishing of the ride, it is quite certain that the ride will definitely reopen - possibly by year end if nothing goes wrong*.
^ I didn't know that there was a rumor about the Harry Potter zone for USS...Anyway, there ain't any spaces for the zone to be build. Furthermore, it doesn't make sense to have two different castles in a theme park.
Transformers is slated to open in late-2011, while Madagascar Ride is slated to open by Mid-2010. I've heard that Madagascar ride might be able to open in April or May. I think they may have their official opening after Madagascar and Transformers open. Followed by the Grand Opening of Resorts World Sentosa, when the entire resort is completely finish.
This isn't really from USS. Not sure if you guys are familiar with the Crane Dance located within Resorts World Sentosa?
It seems that they are testing out new pyrotechnics display for the Crane Dance finale: