I hope they reconsider this. I like the Mitby. It's a relaxing space, good sound, plenty of room to come and go, and a non-theatrical feel to it (this is a good thing to me, I don't like stuffiness). The only other theater in Madison with the same nice feel is the Union theater, which is of course more formal. And the Union theater seating is crammed too tight for my taste.
Mitby seems to get quite a bit of use, and that side of town has nothing else in the way of public halls or theaters. I think tearing it down would be a loss. Maybe the new MATC plans could feature a better lobby for the Mitby, instead of destroying it.
I have seen some of the earlier plans for renovating the west end of MATC, and I support the general idea. Having the place look less like your average high school would be good now that the student demographic is a bit older, and tastes have changed since the 80s when the campus was built. But we like Mitby.