I can think of several reasons this would be a goo idea too.
Firstly, making gorgeous night elves may final stop the constnat crying for high elves, - (which is looking very likely for the next expansion as one of the inevitable sub-races...which they are very interested in doing, but which we have no idea which ones will come first.)
however with night elf models as nice as blood elf models, hopeful that will reduce the desire of alliance lovers craving blood elf models [which is imo, part of the reason for the massive crying for high elves) remember they did the blood elf models like 4years after the night elf model [so it's not that blood/high elves are prettier per-say, they got the newer models + a lot more time to focus on seeing that when they were being designedd they still hadn't decided on Draenei as next allinace race, and night leves were just one of 8 player races they were working on pre-launch) - So i think part of the desire for blood elf models is because human models were so bad (in particular the male ones) and night elf models were so old.
Everyone wants the shiny new thing, so naturally alliance fan boys craved the blood elf models, and knowing that high elves were a part of the alliance have been launching attempts to get that model for themselves by putting pressure on blizz and the community for playable high elves ever since. Something a gorgeous night lef model and decent male humans should significantly reduce.
Truth is Night elves and blood elves/high elves are very similar, they are both very eattractive, the night elves were introduced as the more exotic of the two even, i.e we would say the more attractive to off set the purple skin.
So with a model revamp, i'm thinking the best thing blizz can do, i s debut them together. they should be be very similar in appearance, with tehonly variations being their animations and obcviously skin/height/ears/hair/eyes - but I wouldn't be surpirsed if they both used the same faces for male and female.