Well, Jaina got her upgrade already, and we've heard that other NPCs may be looking a little better very soon. But what about us players? Don't we get a cool, slick new look too? Vaneras has the answer: erm, maybe. As you may have noticed, our armor has been getting updated as we've gone along -- the Tier 10 armor is much clearer and more stylish (well, depending on who you talk to) than the original tier gear that dropped way back when. But as for the actual player models, Vaneras says it's something that Blizzard would like to do, but it's all a matter of time and priority. They'll get around to it, sure, but only when it makes sense for them to spend the time on it.
Which is what we've heard before, really -- J. Allen Brack told us way back that things would be updated bit by bit rather than having a major patch be focused on updating everything you can see on screen. Still, Cataclysm, the expansion that redoes the old world and all of its old models, might be a good time to do exactly this and revamp players' looks as well. We can tell you for sure that the worgen and goblins are going to look very nice (not to mention the draenei and the blood elves, both with more detailed models than the launch races), so maybe it is time that the original races got smoother look of their own.