Disney have this information on the sad news of Fantasmic! being cut to just two shows per week

"We are continually focused on providing the best possible experiences for our Guests who visit the Walt Disney World® Resort. Within the last six months, we have added significant new attractions and shows at Disney’s Hollywood Studios™, including Block Party Bash, Toy Story Midway Mania!, Pixar Place and Journey Into Narnia: Prince Caspian.

Coming in October 2008 will be the recently announced "High School Musical 3: Senior Year" and later this year, Disney’s Hollywood Studios™ will host the annual Night of Joy event for the first time and welcome back ABC Super Soap Weekend. At the same time, we have continued to update existing offerings such as Playhouse Disney—Live On Stage! Next year, the park will unveil The American Idol Experience, host the first Grad Nite events at Disney’s Hollywood Studios™ and welcome back ESPN: The Weekend and Star Wars Weekends.

We regularly evaluate and refine our operations. At the same time we unveil The American Idol Experience in January 2009, we will make an adjustment to our operation by offering Fantasmic! on select evenings each week. Fantasmic! will be performed two times weekly –generally Mondays and Thursdays - and more often during our busiest times of the year.

On nights when Fantasmic! is not performed, Guests (with appropriate ticket media) will continue to have the opportunity to enjoy nightly fireworks spectaculars such as Wishes at the Magic Kingdom® Park and IllumiNations: Reflections of Earth at Epcot®.

Showtimes will be published for Guests in the Times Guide, which is available at the theme parks, and online at disneyworld.com."