True. There's been about 10,000 years of time for them to evolve.
False. There's been about 5 years for them to evolve. Outside of the ones that became wretched or were gluttons on demonic magic (those red-skinned fel-elves (felves?)) they're basically the same, bar eye colour. Goblins and Worgen were updated, sure, but that wasn't to differentiate them from High Worgen or Blood Goblins.High elves wouldn't be just blue-eyed Blood Elves.