I think more actual content by way of areas to explore, new types of mobs (rather than new versions of existing types), and what goes with that, would be more beneficial. The time investment for just making the existing world "look spiffier" IMO doesn't weigh up against the benefits of drawing potential customers (those that are woo'd mostly by the graphics aren't I think going to stick around long term anyway).
That's not to say I wouldn't appreciate higher resolution graphics and models, just that I think the limited development resources were better spent elsewhere.
That's not to say I wouldn't appreciate higher resolution graphics and models, just that I think the limited development resources were better spent elsewhere.