is Disney taking over Pixar?

Disney has announced that they are proceeding with production of a Pixar-less Toy Story 3 under its contractual right to produce sequels to the Disney/Pixar films. At a recent recruitment pitch, Disney offered up story details. Buzz Lightyear is recalled to Taiwan after a series of malfunctions. Learning of a productwide recall, all the toys in Andy's room, under Woody's leadership, head to Taiwan to save Buzz from doom. This surprisingly doesn't sound bad. But can Disney pull off a good Toy Story sequel without Pixar?