We've been waiting for new blood elf models since Warlords of Draenor was announced, and now we finally know when we're getting them. Patch 6.1's PTR will have the first look at the blood elf of the future, soon to be the blood elf of the present. These are very definitely works in progress, so there are things to keep in mind - currently all male blood elves have the same facial geometry, for instance. But you can hop on the PTR yourself and take a look right now.
To my eye they don't look very different, just improved. But what do you think?