The update seems much needed since no matter which way you slice it, many players will judge at game based on its visuals. By visuals we don't mean just the level of detail in a character model, but the level of aesthetics a game is able to produce for its players as well. We like to think style over substance is what truly matters, especially when your style is post-apocalyptic -- and sometimes a graphical push can help bring that style forward.
Updated graphics are very awesome, to be sure -- yet that's not the only thing the Fallen Earth update has us excited about. Aside from the visual update, we're most excited about the confirmation of player created throw-able explosives such as molotov cocktails and pipebombs. Then again if rocket launchers make it into the game we'll have a reason to get even more excited, because honestly, what's not to love about explosions?