ALl this is speclation derived from various posts:
1. They will use the same graphics. It is supposedly a new game in development, not merely a patch. This new game will apparently incorporate both styles of gameplay into it, most likely IMO as simply two different options to select from the Arena-selection screen.
2. Since it is supposedly a sompletely new game in development wuch much higher anticipated system requirements, it is safe to assume all equpiment (especially older models) will look better.
3. HTC has never suggested anything about a theatre rotation. Such a rotation would also be contrary to the intended "career" aspect of this system. I think it's more likely that future "theaters of operations" will likely be inclided in their own separate arena
4. It is likely that the missions and setups will recreate the atmosphere of WW2 Europe and even some of the missions (like a Berlin raid), without re-living specific orders of battle (the LW probably won't have to deal with being vulched constantly for example since if that was the case nobody would fly for them).
5. IIRC they said there will be a beta
6. The announced theatre design mentioned "8th airforce"....this suggests potentially anything from late 1942 up to the end of WW2 in Europe, hence there is MUCH potential for a monthly RPS following the developments of the war from the start of the 8th airforce bombing campaign to the conclusion. Such an RPS would be a natural addition to this "Mission Arena", so players don't get stuck constantly flying the exact same airplanes.
As noted above, this is all simply speculation on my part

J_A_B