Disney's going to do it without Pixar. I think it's safe to say it'll suck, Disney hasn't produced anything good in a while. http://www.cnn.com/2004/SHOWBIZ/Movies/11/16/film.toy.story/index.html
Unfortunately, the quality doesn't matter when it comes to sales of successful kids movies. They could crank out crappy versions of Toy Story 3 through 10 and dopey grandparents will still buy hundreds of thousands of copies for their grandkids. The lack of critical scrutiny of kids movies creates the upside down world where quality matters very little with established series. The viewer is often not a part of the buying decision.