There are definitely things that could be improved, especially texture bugs and some heavy discrepancies in quality between expansions. That said, I think the game still looks good, definitely not top of the line good even for 2010: I played Age of Conan for many years and that came out in 2008 and was (well, still is) looking a lot better to me even then.
That said, graphics are not everything, the game looks good, completely revamping everything will probably not happen and I think they are good for what they are supposed to do.