The Majesty has a full schedule of cruises, so it isn't going to the shipyard anytime soon. It received a refurbishment in the recent past, if I recall correctly, when they added the rock climbing wall and other stuff.
We cruised on this ship 13 years ago when it was new and innovative. It isn't anymore, but still can offer a fun cruise. The standard cabins are very small, something that RCCL has abandoned with it's newer ships. For the price it is a very decent short cruise.