Completely wrong. A more efficient graphics engine will benefit low and mid-end computers a lot as well. Even a low end (by 2006 standards) is only able to utilise a tiny fraction of its total power to run FF11. Graphics engines can be made to be very scalable, letting low-end computers run the game at low settings (which would look like FF11 does today), while high end computers would be able to make it look and run better.
Of course, I don't see something like this ever happening, but one can always hope. For me, it would be the best thing to happen to online gaming since a very long time ago.
@Celedh
I think the game could be made a lot prettier and better-performing without redoing any of the textures or 3D models. Just letting the game use the 3D card to do the rendering and antialiasing would improve a lot. Imagine 100 character/mob models on screen, 8x antialiasing, 1920x1200, still running at 60fps. That wouldn't even make a mid-end graphics card of today break a sweat.
-edit-
And real reflections in metallic surfaces!
And a bit of HDR!



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