"Sorry I'm late, guys, cat was on fire. What'd I miss?
"Has there been any news on whether the old races are getting a much-needed facelift in Cataclysm? It's been a very popular request among players, and while I'm sure there are more pressing concerns among the dev team, I find it hard to believe that it would ignore what so many have asked for."
A Blizzard rep recently stated that remodeling the vanilla races is on their to-do list, though what that means is anyone's guess. I think they do realize that the old races look irredeemably awful compared to worgen and goblins, or even to blood elves and draenei, but we'll almost definitely not see new models for them for Cataclysm.