While attractions based off of IP's are an evermore tempting option for many theme parks, it is definitely a tough balancing act to get them right. There are so many things which need to be taken into consideration in order for it to just "work".
Like saw-x-smile has said, one of the vital things that needs to be got right is the story aspect of the experience. Attractions can't rely on people already being familiar with the IP that it is based on, because inevitably many people just won't be, and if the attraction requires people to already know and understand the story, then it's ultimately going to fail. The attraction, while taking some of the core themes and characters from the IP, must still be an accessible experience for those who haven't before seen anything about the IP in question.
Another thing which I think is very important, and something I've brought up in the Disneyland Resort topic numerous times recently, is how well the IP relates to the overall theme of the park, and also that of surrounding attractions and buildings etc. Example – Disney California Adventure's Tower of Terror was a ride which fit in seamlessly with the area in which it was located as well as being relevant to the overall concept of the park. And, it used an IP! When Disney senselessly rethemed the ride into Guardians of the Galaxy: MISSION BREAKOUT, absolutely no consideration was taken as to how the new theme would relate to the overall concept of California Adventure, or the visual impact the new ride would have on neighbouring themed areas. The result is something that sticks out like a sore thumb, is extremely intrusive and conflicts with the rest of the park. IP's must always be to complement the existing themes and aesthetics of the park they are being incorporated in to.
Something else that needs taken into consideration is the popularity and longevity of the IP. Is it an IP that is popular now, but might not be so popular in the future, or is it something that could be described as "timeless", so wouldn't easily become outdated? If an attraction is to feature an IP that has a high possibility of becoming outdated and unpopular, is it a good idea to use it? Maybe not. IP's have to be selected and used carefully so that the chances of them becoming outdated and loosing popularity are minimised for as long as possible.
It's a massive, and extremely difficult balancing act, but the results can be phonomenal if got completely right. Look at the Wizzarding World of Harry Potter at Islands of Adventure, Pandora: The World of Avatar at Animal Kingdom, Cars Land at California Adventure. These are all examples of where designers managed to strike the right balance and get it right. They are extraordinarily immersive and highly accessible experiences which all fit seamlessly within their respective parks.