I can see that scene being cut out, though it will be a shame if it isn't done right. The ending of the Silver Chair was, for me, a very poignant moment (even mixed with that little bit of comedy). At least they shouldn't leave out Caspian spending even a couple minutes on our world––I love that he gets to live out that lifelong dream. The scene where he comes back to life always gets me all emotional. It's just one of the beautiful moments of the series, and they better do something with it in the movie. No more leaving out the best moments of the book! (I may or may not still be bitter about taking out Aslan tossing Trumpkin around in Prince Caspian).
As far as the right or wrong of the bullies' treatment... you know what they say: "Spare the rod, spoil the child." It seems to me that less than what they received would not have affected them quite as much (or caused the ruckus that necessitates the inquiry into the school), but then again, Aslan roaring at anyone could have any number of effects. I mean, come on, it's Aslan. Still, I would rather they keep some of the integrity of the scene. But then again, I'd rather they keep all of the scenes the way they're written, because that's how I love them :T