I've experienced a 3 hour journey at six flags... and that was just a queue house with little theming at all.
Just because Disney and Universal can pull it off, doesn't make our parks 'poor' by comparison. Most parks around the world would be 'poor' by comparison to these two.
I agree that a lot of the magic has gone out of the parks, but at the end of the day - they had to do this to survive. Although Gremlins and Bermuda and Looney Tunes were a great story with great magic, the general population wanted thrill rides - roller coasters and the like. In order to survive this is what the parks give them. It was too costly to maintain the nostalgic greats of yesteryear when the ridership was slowly dwindling into nothingness.
Simplistic theming that is cheap to maintain is the way of the future for these parks. they cannot afford to spend so much on annual refurbs as they used to. As for the people in the park, if they capped the numbers lower than they do, they could not afford to offer the attractions that they do now.
Would you rather all attractions ran on a 1 hour on, 1 hour off cycle to save on staff and running costs, but have less people in the park? No - because although there would be less people, there would be less rides to soak them up too.
I'm with Alex on this one.