As long as players like us play then I don't see it ending anytime soon. Money doesn't grow on trees for SE yet despite who they are. As long as that stays the case I imagine what little resources FFXI gets will remain.
And as far as an graphical update goes, it is obviously heavy opinion that it won't happen, but I will caution people to remember how many times they have said "not going to happen" and it happened anyway.
It has always been a fact that devs bother with facelifts for one reason: money. There are two ways of going about this goal. One is remastered games, extending the lifespan of a product beyond it's years to milk the cow. Devs are happy, gamers are happy to play an updated version of their favorite games because we all know the difference between reality and what our brains recall. The other is facelifts to their MMOs to prolong interest from gamers. In either case it's about making or maintaining income.
In 2005 you could get away with shouting the words 'never gonna happen'. Fortunately for everyone involved that is no longer the case. Unlikely, sure. It's SE involved. Improbable? Okay. But not impossible. The best thing they might ever do for FFXI is to give it a facelift for PC so that most people are enticed to upgrade from the PS2 so we can do away with certain limitations. But it will always be a PS2 game developed by SE, and that means that code is so ancient the game will forever be the same ole FFXI. But that's okay, that's okay for everyone still involved for the long term so long as there's a facelift where facelifts can happen.
OR......they can just let it drift til it's done. 5, maybe 10 years from now. No one really wants to support a game that the devs have abandoned for newer projects, for the most part. The game's future is more in their hands than it is ours. We've done our part by being here in year 12 of it's existence, paying the same monthly fees for far less the support than we once had. It's their turn. And they've been slowly pecking away at that obligation in the form of window OS updates to the game. Slowly, but surely.
The cost of giving a facelift to FFXI is paying their guys their yearly salaries to sit at their desks to work on it. There's no $100 million dollar investment to be made. It's not a new game. Not a new game engine. It's a facelift, people. Graphics set to HIGH RES. It's not a major investment. I do not understand why some of you have this belief that it'll be some major job for them to invest in. The only thing stopping them thus far is they have chosen to put that man power into new games that aren't necessarily guaranteed to sell for squat. No one at least in their line of work can blame them.
I have seen far smaller companies with game worlds just as big as FFXI give a high res graphic facelift to their MMOs. SE damn well can do it, too. Especially when many of the monster models already exist in a game called FFXIV, models that were ripped from FFXI to begin with.