Well.. some time ago i peeked in and it was fun but the graphics scared me...

there were great drums sounding of "new graphics engine" along with great trailers...

but where is it? i took a peek again today and still nothing changed.... any date? or just blown off?

Apparently, it's still in the works, how much longer? No clue, but it's still being done because they release new screenshots of it from time to time

The engine itself is done since some time in March.  They still need to redo all the flora on the planet and are preparing a new 'new user experience'.  The Daily Missions content patch (along with a -lot- of other changes) is due within the next week or two.  The other thing they are working on is an overall 'rebalancing' of professions.

However, you should be prepared for a bunch of bugs when new engine released. FunCom is infamous of  bugs.

I really am looking forword to this update.  I tried getting back into the game and was also scarred off by the graphics.  I remember when the game first came out, and still have visions of a great robust and advanced game that is very deep and increasingly exciting.  I hope they do a good job, I would definately be back in this game when its released!