Roy summed up the reality of the situation very well with these two statements:
Disney has nothing to worry about...just as long as they stick to the quality and vision of Walt Disney.
When I look at Pirates of the Carribean, I say that there is no way Universal can touch Disney. When I see Dinoland, Pop Century and DCA...I start to wonder.
Love 'em or hate 'em, Universal's higher percentage of thrill rides exclude a significant portion of potential resort guests. There are people who just cannot ride these, either because of height, health, or "squeamishness". Take away the "thrill" rides from both resorts, and the gap is undeniable, and not closing.
Additionally, while Universal has certainly upped the quality level beyond Six Flags, they have not produced quality attractions at anywhere near the rate Disney has over the years.
If the question is can Universal survive and even thrive in Orlando, the answer is absolutely, provided they remain committed. Yes, they have spent a lot of money in the last three years. Are they prepared to continue, even with mgmt changes and even if returns are not what they originally envisioned? We'll see.
If the question is will they put a serious hurt into Disney, the answer depends on whether Disney is committed to developing its parks/resorts with quality, or with "just enough to get by". If its the former, Universal will never have a negative impact on Disney. If its the latter (Dinorama?), eventually they will if they are more committed than Disney.