Even without knowing the reason why this is being done I tend to agree it is a bad idea. But for all the people who call this a bad "trade" I am wondering what else that was closed could have been opened that would equal Splash. Here is a list of what is open for EMH:
Buzz Lightyear's Space Ranger Spin
Prince Charming Regal Carrousel
Dumbo the Flying Elephant
Haunted Mansion
"its a small world"
Many Adventures of Winnie the Pooh
Mickey's Philharmagic
Peter Pan's Flight
Space Mountain
Stitch's Great Escape!
Tomorrowland Indy Speedway
Big Thunder Mountain Railroad
Haunted Mansion
Jungle Cruise
Magic Carpets of Aladdin
Pirates of the Caribbean
I don't see anything missing which would be equal to Splash which can be considered an E-Ticket ride right? I suppose one could argue that it would have been better to just close splash and not open the Tiki room, but that would have gotten some people upset as well.
I wouldn't be surprised either if in a few months you see the Tiki room being "traded" for the new Little Mermaid ride, of course it doesn't make sense why they wouldn't just keep splash open till then. I tend to agree though that EMH is slowly being phased out, too bad, the late nights in the parks were some of my favorite times, although with an new infant I think it would have been a few years before I could do that again.