Personally as a Magic fan I would like to see them stay in Orlando which they will only do if they get a new arena. The team is in great shape for a championship run with a VERY marketable star in Dwight Howard who is just beginning to shine in the national spotlight. When he appears on the cover of ESPN the Magazine or Sports Illustrated in front of the fountain at Lake Eola and his jersey says "Orlando", I believe that is more effective advertising than an obscure ad in "AARP Today". A good sports team brings unity to a city which is something sorely missing in Orlando since so many people are from somewhere else. It also gives great publicity around the country and world, especially when someone in Buffalo can't see out their window due to the 15' of snow and they see people walking into the arena in shorts while watching a Magic game on ESPN. How much is that worth in advertising dollars? They may not come down to see the Magic, but that keeps Orlando in the spotlight. Not to mention the charities and other causes that the Magic poor millions of dollars into in the community.
These are my thoughts on why it's important just in keeping the Magic in town. Of course you have the other activities at the arena that would be enhanced plus a better venue for the "artsy" stuff which I don't take advantage of very often, but I would like to have the option. If done correctly the Citrus Bowl could even be viable. What's to keep us from hosting the Super Bowl? If we ever got lucky enough for that, that event alone would pay for the renovations/rebuilding.