There's a thread about no new character models with the release of MoP. But in a vote, how important are updated models to you?
From the interview with Tom Chilton:
Q: We already know that new character models are in the works for old races. Do you have any idea of when players will be able to see them and do you plan to also revamp newer races such as the Blood Elves and the Draeneis?
A: We are slowly in progress with revamping the races, but the reality is that at best we would get the Dwarves for Mists of Pandaria, and even that's on the bubble. It is something that we are planning to do, it is something that we want to get to and actually believe is valuable. As to when the the Blood Elves and the Draeneis would have that happen, they would probably be near the end of the list. We would probably get through all of the original races first before we go on to them since they are better than the original ones. Any of the ones we have done more recently tend to be a little bit higher fidelity.