I'm new here, but my hunch is we'd need many more code resources than we have to do something like that--BMS 4.32 was a major undertaking. However, if we can keep a critical mass of modders going, we can significantly improve the graphics: more realistic sprite FX (explosions, fires, smoke), better looking terrain (more trees, clutter). We can also probably do things that no sim does well: dynamic civilians, more realistic weapon performance and sensors, new campaigns.
I don't play any other chopper sims--they are somewhat prettier but they just don't have the depth or modding & improvement potential of EECH. I think it's the Falcon 4 of chopper sims: outdated graphics but arguably better gameplay. I personally don't go for sims no matter how detailed when they ship with 10 missions. It sucks the replayability right out for me. No one makes sims with the scope and ambition of Falcon or EECH anymore--a big reason why those two are still alive.
If we continue to make updates, I expect EECH to build on its mod following. It could certainly develop to the point that enough code resources materialize for a graphics update, but then I wouldn't hold my breath waiting for that.
Nephilim, could you help us with the graphical updates by posting more quality weapon reference to this thread