I was an extremely avid VMK player, and while I lost touch with it during its last few months, I do honestly miss it. It was probably the most fun I've ever had with a game, however I've kept an eye all over the internet on any news of its re-opening or replacement. There has been extremely little (pretty much no) evidence of it opening again, however Disney did register a slew of domains for a new game called "Imagination Online" almost a year ago. Youtube is full of videos stating its re-opening this summer, and while I would be ecstatic at that happening, its rather unlikely.
Don't give up hope though, there have been rumors over the years here and there from legitimate cast members saying that a re-opening is in the works with a pay to play system. Also, there were TONS of features ready for VMK that were never seen due to its closure. Take that with a grain of salt however, because Disney has tons of plans that never see the light. But for right now, there's almost no proof of it coming back, though I'll keep looking out for new news, and I swear I'll be happier than ever should it return!!!