I'n my humble opinion, it's a huge improvement. It's true that graphics aren't everything but there's no doubt that more impressive visuals will help fire your imagination and draw you into the game.
And as for folk saying it's not that much of an improvement...well, I'm sure they could create an entirely new game with a new graphics engine and gameplay system...but then you'd lose your characters, your guilds and your history and you'd bitch about that too. They say they will support older clients for the time being so what are you complaining about?
I guess that's just generic in the community...everyone wants something particular that someone else doesn't want. Nonetheless, the biggest threat to the demise of RP in
UO is not old clients, or new clients, but rather the lack of new blood. A new, more up-to-date graphics system (blah blah, not that special, etc. etc.) might bring in a few more people. I fail to see how anyone can see this as a bad thing.
Plus I think the new graphics rather spiffy.