Yeah, but there isn't enough room for people to roam. They have to make people happy or they will go to the competition. There is another great park in the area.
I think whether or not they make a new park there has to be an expansion at Hollywood. Toy Story should double in size and Monsters Inc should have a ride. Perhaps the Monster ride in California should be duplicated.
When attendance consistently drops and surveys show that people are overwhelmingly turned-off by the crowd levels, only then will any radical action be considered.
Fact is overall attendance levels only go up by 1-2% per year so most of the alleged dramatic increases are tainted by personal perceptions (i.e. "last year we vacationed during the same week and there were half as many people.")
Additionally, the parks are designed to accommodate far more people than actually visit on a typical day.
Expansion of the existing parks is far more likely than a 5th park. Disney is doing just that via the Fantasyland expansion (which hasn't even opened yet) and the Avatar land at DAK.