I think a graphics update is really necessary to keep the game alive.
Having said that, I have not seen any hardware specs for the future release, but I know I can run other much more graphic intensive games than AH2 at the same frame-rate, using more effective technology than AH2 current engine does.
Blueberry is correct that if HTC does not keep up with their technology, they will soon be where Warbirds is right now, still having a small fan-club , but the big numbers are gone.